UK Economy Expected to Be 2nd-Worst in G-20 This Year: OECD
Britain is expected to be the worst-performing economy in the G-20 apart from Russia this year and next, according to new analysis from the Organisation for Economic Cooperation and Development (OECD).
The UK’s GDP is expected to fall by 0.2 percent this year, followed by a rise of 0.9 percent next year, the OECD said in its interim economic outlook published on Friday.
It is worse than all G-20 countries except Russia, whose GDP is forecast to dip 2.5 percent this year followed by a 0.5 percent drop in 2024.
It means that the UK is the only country apart from Russia—which is subject to sanctions as a result of its invasion of Ukraine—to see its economy shrink this year. In 2024 the slight growth in the UK will be on par with South Africa and the United States….