UK economy forecast to return to pre-COVID level by year end, grow 6.5% GDP in 2021

Britain's economy is forecast to grow 6.5% in 2021, finance minister Rishi Sunak said on Wednesday, citing the latest projections from the Office for Budget Responsibility (OBR). Looking further ahead, the OBR forecast gross domestic product would grow 6% in 2022, 2.1% in 2023 and 1.3% in 2024. That compares with the OBR's March forecasts of 7.3%, 1.7% and 1.6%.

Britain's economy is forecast to grow 6.5% in 2021, finance minister Rishi Sunak said on Wednesday, citing the latest projections from the Office for Budget Responsibility (OBR). He said the forecasts showed the economy would return to its pre-COVID level at the turn of the year – earlier than had been forecast in March.

Wednesday's 2021 forecast was also stronger than those produced in March, when the OBR had forecast 4.0% growth for 2021. Looking further ahead, the OBR forecast gross domestic product would grow 6% in 2022, 2.1% in 2023 and 1.3% in 2024. That compares with the OBR's March forecasts of 7.3%, 1.7% and 1.6%.

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