The UK’s economic growth is expected to be slower than first thought this year and will stagnate in 2023, experts at the Organisation for Economic Co-operation and Development (OECD) have warned.
The international organisation projects that UK GDP will grow by 3.64% this year. In December it had forecast 4.75% growth.
Inflation will peak at over 10% this year and decline to 4.7% by the end of next year.
It comes alongside a global slowdown which is due in large part to the war in Ukraine.
Global growth was been downgraded from 4.46% to 3.02%, the OECD said.
“This growth slowdown is a price of war which will be paid through lower incomes and fewer job opportunities,” it said.