OECD Downgrades UK Growth Forecast to 0.4%
Thursday, 2 May 2024, 07:00
OECD Warns of Economic Downturn in the UK
The Organisation for Economic Cooperation and Development (OECD) has downgraded its forecast for the UK's economic growth this year, citing high interest rates and last year's inflation surge as major factors.
Key Points:
- Forecast Downgrade: OECD revises UK growth forecast from 0.7% to 0.4% for 2024.
- Challenges Ahead: British economy faces constraints from high interest rates, price rises, and staff shortages.
This assessment signals a tougher economic environment for the UK, with growth expected to be slower than previously anticipated.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.