UK leapfrogs Japan, Italy and Germany in OECD growth forecast for 2024
manchestereveningnews.co.ukThe UK economy has overtaken several G7 countries on economic growth forecasts in recent months, but is still set to have the highest inflation of the bloc, according to economists.
The Organisation for Economic Co-operation and Development (OECD) has placed the UK joint second in its economic growth forecasts for the rest of 2024.
The prediction of 1.1% growth for the whole of this year puts the UK alongside Canada and France but behind the US. Last time the OECD put out a forecast, in May, it had the UK at the bottom of the pile in the informal bloc of seven countries, which also includes Japan, Italy and Germany.
Its prediction of 2.7% inflation for this year means the UK is still the country in the G7 with the fastest-rising prices. The OECD wrote in its interim report on the world economy that global economic growth “has remained resilient and inflation has continued to moderate”.
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