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OECD expects the worst perform for the UK

 

The OECD said yesterday that the UK economy is set to be the worst performer in the G20 bar Russia over the next two years, underlining the impact of high energy prices on Europe as a whole. The OECD said in its latest economic forecasts that UK gross domestic product would fall 0.4 per cent in 2023 and rise 0.2 per cent in 2024. In an apparent reference to Brexit, Álvaro Santos Pereira, OECD acting chief economist, said the economic adjustment underway in the UK had compounded longstanding concerns about the country’s low productivity growth. The OECD said the risks to the UK’s poor outlook were «considerable», noting that acute labour shortages could «force firms into a more permanent reduction in their operating capacity or push up wage inflation further».

The OECD said the world economy was «reeling» from the most considerable energy shock since the 1970s. The OECD expected growth next year of just 0.5 per cent in the US and euro-zone, with Germany entering a recession and the more resilient emerging nations driving global expansion of 2.2 per cent.

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  1. Pat23 November 2022 at 17:23

    Still think Brexit was a mistake. Also some people that voted then didn't really understand what they were voting for and what they would lose. They will now, unfortunately, find out. I feel the UK economy is going to fall past the 0.4 per cent they've estimated in 2023.

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