The OECD has revised its economic forecasts, indicating that the UK will experience the slowest growth among the G7 nations in 2024 and 2025, with GDP growth projections of 0.4% and 1.0% respectively, and the highest inflation rates for both years. The organization highlighted the UK's economic challenges and stressed the necessity for credible fiscal plans. UK Chancellor Jeremy Hunt remarked that the forecast was 'not particularly surprising' given the focus on tackling inflation through high interest rates. These forecasts come amid concerns over high interest rates and their impact on the economy, with the OECD suggesting that the UK should maintain high interest rates until inflation stabilizes. The economic outlook for the UK has been described as worsening, with potential risks from a no-deal Brexit also affecting projections.
Worry for economy as public sector productivity falls further https://t.co/iue8ruZaHg
UK public sector productivity goes from bad to worse, ONS data shows https://t.co/RPvgWs8TUy https://t.co/Sk8YVJADTu
GDP growth forecast for 2024 from OECD: India 🇮🇳: 6.6% China 🇨🇳: 4.9% World 🌎: 3.1% USA 🇺🇸: 2.6% EU🇪🇺: 0.7% UK 🇬🇧: 0.4% Germany 🇩🇪: 0.2% #economy #fridaymorning https://t.co/LGiUXDxGb3
Britain faces an economic slowdown which Jeremy Hunt has blamed on the need to hike interest rates – prompting calls from Conservative MPs to slash borrowing costs @HugoGye and @RichardVaughan1 report https://t.co/RYwapwuLFr
‘The situation is pretty bleak…’ Senior Political Correspondent @NigelNelson reacts to news that the OECD predicts the UK will have the slowest growing G7 economy in 2025. 📺 Freeview 236, Sky 512, Virgin 604 🔒 Become a GB News Member: https://t.co/mNsRsGC8ef https://t.co/TCDZpSNDKf
UK’s growth will be least in G7 by 2025 OECD expects as low business investment and multiple pressures, including new costs and controls at the border after Brexit bear down https://t.co/cI1Kl4f4M6
UK economy set to be worst performing in G7 – how it compares with the rest https://t.co/2LSsyLSJez
'The OECD nearly ALWAYS gives the UK a hard time' @LiamHalligan reacts to the French-based organisations projections that the UK will not be the highest performing economy next year: 'These are just educated guesses'. https://t.co/HxT2K0KgDZ
Bad news for Britain: It’ll grow more slowly next year than any other major advanced economy, according to the OECD. https://t.co/YPO5UXUxDr
The world’s economic outlook is perking up as growth proves more resilient and inflation is set to cool faster than previously expected in many countries, the OECD says https://t.co/D8Ad7xp0bp via @WHorobin https://t.co/gInrh4E5FQ
UK to suffer slowest growth of all rich nations next year, OECD says https://t.co/JFALpv1LpG
UK forecast for slowest growth of richest nations https://t.co/cqTxQaxpbM
OECD economic outlook: global growth steady but modest, challenges remain https://t.co/n3Ly9VaD1G https://t.co/dRR2DQ7Ti7
UK interest rates should stay high until inflation eases further, OECD says https://t.co/ykrYrDyiPb
The Conservatives clearly plan to fight the election on the economy. The OECD’s latest forecasts suggest it’s not a strong hook to hang a campaign on. OECD has raised outlook for global growth but downgraded the UK. 🇬🇧 + 🇩🇪 predicted to have lowest growth in G7 this year +…🧵 https://t.co/dsGygneQDL
Bank of England readies its rates steer as investors cool on cuts - "There's probably a high risk of a policy error now if they don't manage the next six months correctly." https://t.co/bK6bKuWW3Q @bankofengland
The UK will be the worst performing economy in the G7 next year as continued high interest rates and restrictive fiscal policy weighs down on growth after the general election, a leading forecaster has said ⬇️ https://t.co/cLw5fASjl3
UK set for weak growth and highest inflation in G7, OECD says https://t.co/6zjjZ13H4B https://t.co/NuHtpGCqOn
UK economic outlook downgraded for next two years amid no-deal Brexit concerns https://t.co/mOh0GDu0GH
Britain will grow more slowly next year than any other major advanced economy as stealth taxes and high interest rates squeeze the economy, the latest forecasts from the OECD show https://t.co/kWDl0ueeaZ
The world’s economic outlook is perking up as growth proves more resilient and inflation is set to cool faster than previously expected in many countries, the OECD says https://t.co/Coea3jKaN6
Jeremy Hunt blow as top economists cut growth forecast for Britain in election year https://t.co/KRVMXU6Mgq
💥OECD forecasts make poor reading for Jeremy Hunt: 🇬🇧 2nd weakest growth in G7 in 2024 (behind 🇩🇪) 🇬🇧 Weakest growth in 2025 🇬🇧 Highest inflation in 2024 🇬🇧 Highest inflation in 2025 🇬🇧 OECD says tight fiscal situation necessitates "credible" spending plans
Britain will grow more slowly next year than any other major advanced economy, latest OECD forecasts show https://t.co/GFRfMjTaDV
OECD downgrades UK growth forecasts for 2024 & 2025 Lowest growth in G7 Blames fiscal drag from frozen tax thresholds and stickier inflation Outlook prepared by Clare Lombardelli, who’s off to BOE in July More pessimistic than IMF/OBR Via @PhilAldrick https://t.co/KlLe8wUlY4
UK economic outlook has worsened, warns OECD https://t.co/FJPJiysriQ
UK set to lag peers on growth and suffer ‘sticky’ inflation, says OECD https://t.co/pvJfTcXwOz
OECD Puts Britain at Bottom of G-7 Growth League Next Year https://t.co/7N4tAzCvgy
💥OECD cuts UK growth forecast to 0.4% in 2024, 1.0% in 2025. Sees higher inflation than in peers and also talks of the need for "credible" fiscal plans. Jeremy Hunt says forecast is "not particularly surprising" given priority has been to tackle inflation with interest rates
OECD: RISKS TO ECONOMIC OUTLOOK ARE BETTER BALANCED.