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UK growth downgraded by OECD with stagnation expected next year

·1-min read
Inflation is set to peak at 10% this year, the OECD said (Dominic Lipinski/PA) (PA Archive)
Inflation is set to peak at 10% this year, the OECD said (Dominic Lipinski/PA) (PA Archive)

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.

Only Argentina and Australia saw their growth projections upgraded by the OECD.

“This growth slowdown is a price of war which will be paid through lower incomes and fewer job opportunities,” it said.

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