OECD upgrades UK prospects saying no recession this year trends now
The OECD today dramatically upgraded Britain's growth prospects - admitting the country will not go into recession this year after all.
The international body followed the IMF by radically shifting its predictions for the UK.
Instead of the 0.2 per cent downturn it had pencilled in for this year in March, the economy is now set for a 0.3 per cent expansion.
GDP is also anticipated to rise 1 per cent in 2024, rather than the 0.9 per cent in the previous forecasts.
Jeremy Hunt hailed the change, saying it recognised the government's moves to bolster childcare and competitive business taxes.
The OECD today dramatically upgraded Britain's growth prospects - admitting the country will not go into recession this year after all
Jeremy Hunt hailed the change, saying it recognised moves to bolster childcare and competitive business taxes
However, the growth is still lacklustre by historic standards, and lags behind most of the G7. Only Germany, which fell into a recession over the start of the year and is set to stagnate in 2023, will perform worse.
The best performer among the G7 is set to be the US, with its economy forecast to grow by 1.6 per cent this year before easing to 1 per cent in 2024. That is partly due to Joe Biden's extraordinary fiscal stimulus for cleaner industries.
'The global economy is turning a corner but faces a long road ahead to attain strong and sustainable growth,' OECD chief economist Clare Lombardelli said.
The Chancellor said: 'Today's report boosts our growth forecast, praises our action to