OECD cuts UK growth forecast and warns of higher inflation than peers
Britain's economy will grow slower this year and next than thought only a few months ago and it will suffer higher inflation than its peers, forecasts from the Organisation for Economic Co-operation and Development showed on Thursday. Consumer prices are expected to rise more quickly in Britain during 2024 and 2025.
- Country:
- United Kingdom
Britain's economy will grow slower this year and next than thought only a few months ago and it will suffer higher inflation than its peers, forecasts from the Organisation for Economic Co-operation and Development showed on Thursday. The OECD cuts its British economic growth forecast to 0.4% for 2024 from 0.7% in February, and growth next year is expected to stand at just 1.0%, compared with a previous forecast of 1.2%.
It means the OECD expects Britain's economy will grow more slowly next year than France or Germany. Consumer prices are expected to rise more quickly in Britain during 2024 and 2025. "This forecast is not particularly surprising given our priority for the last year has been to tackle inflation with higher interest rates," finance minister Jeremy Hunt said in response to the forecast, pointing to more optimistic forecasts from the International Monetary Fund.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
A candidate for Germany's key party was beaten up while campaigning for European elections
Candidate for Germany's Ruling Party Attacked During European Election Campaign
Xi hails China's ties with France on arrival in Paris for visit
Macron and Xi prioritize trade and Ukraine as China's Xi begins European tour in France
Macron prioritizes Ukraine as China's Xi Jinping visits France for state visit