In particular, it is estimated that British GDP will shrink by 0.4% this year, the second worst performance among rich countries behind only Chile.
London: Thanasis Gavos
The UK will be among the worst performing developed countries in 2023, according to the latest forecasts from the Organization for Economic Co-operation and Development.
In particular, it is estimated that British GDP will shrink by 0.4% this year, the second worst performance among rich countries behind only Chile.
It is noted that the independent Office for Budget Responsibility (OBR) and the Bank of England (BoE) have estimated that the British economy has probably already entered a recession with a negative growth rate in the current quarter of the year, after the negative growth rate of -0 .2% in the quarter to September. The recession has been estimated to continue for at least a year, if not two years (ToA).
Read more: Britain is in recession – Tax increases and government spending cuts announced by the Minister. Finance
Looking ahead to 2024, the OECD forecasts weak UK growth of 0.2%.
In its own forecasts, the OBR has spoken of a further contraction in GDP in 2023, by 1.2%, but has estimated that growth will be quite robust from 2024 onwards.
Meanwhile, in a speech this morning to the Confederation of British Industry’s annual conference in Birmingham, Labor leader Sir Keir Starmer accused Tory governments of causing “enormous damage” to the economy.
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With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
