{"id":34496,"date":"2022-06-08T12:00:46","date_gmt":"2022-06-08T12:00:46","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/06\/08\/uk-economy-to-have-zero-growth-next-year-predicts-oecd\/"},"modified":"2022-06-08T12:00:46","modified_gmt":"2022-06-08T12:00:46","slug":"uk-economy-to-have-zero-growth-next-year-predicts-oecd","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/06\/08\/uk-economy-to-have-zero-growth-next-year-predicts-oecd\/","title":{"rendered":"UK economy to have zero growth next year, predicts OECD"},"content":{"rendered":"
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The UK economy will grow more slowly than expected this year and stagnate next year, a think tank has warned.<\/b><\/p>\n<\/div>\n

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The Organization for Economic Co-operation and Development expects the UK economy to grow 3.6% this year, followed by 0% growth next year.<\/p>\n<\/div>\n

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This means that in 2023 the UK will go from being the second fastest growing economy in the G7 group of developed economies to being the slowest growing.<\/p>\n<\/div>\n

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The G7 members are the USA, Canada, Germany, Japan, France and Italy.<\/p>\n<\/div>\n

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Laurence Boone, chief economist at the Paris-based think tank, said Britain is being hit hard by a combination of factors including higher interest rates, higher taxes, lower trade and more expensive energy and food.<\/p>\n<\/div>\n

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Inflation is expected to continue rising, peaking above 10% by the end of this year before gradually declining to 4.7% by the end of 2023.<\/p>\n<\/div>\n

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  • World Bank warns of recession risk from Ukraine war<\/li>\n
  • Why are prices rising so fast?<\/li>\n
  • The cost of living crisis prompts the response of the “big state”.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
    \n

    However, the report does not take into account the emergency measures announced by the Chancellor on May 26. These measures, which included a \u00a3400 rebate on the energy bill for every UK household, are worth around \u00a315 billion.<\/p>\n<\/div>\n

    \n

    A Treasury Department spokesman said many people were concerned about the forecasts.<\/p>\n<\/div>\n

    \n

    \u201cWhile we cannot fully isolate the UK from global pressures, our economy is in a strong position to deal with these challenges. We have a growth plan and we support people with the cost of living,” they added.<\/p>\n<\/div>\n

    \n

    The cuts in UK economic growth are being matched by a global slowdown, largely due to the war in Ukraine.<\/p>\n<\/div>\n

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    Global growth has been downgraded to 3% from 4.5% this year, according to the OECD in its latest economic outlook.<\/p>\n<\/div>\n

    \n

    Growth forecasts were only raised for Argentina and Australia.<\/p>\n<\/div>\n

    \n

    \u201cThe world will pay a heavy price for Russia’s war against Ukraine. A humanitarian crisis unfolds before our eyes, killing thousands, forcing millions of refugees to flee and threatening an economic recovery that was underway after a two-year pandemic,” the organization said.<\/p>\n<\/div>\n

    \n

    “Since Russia and Ukraine are major exporters of commodities, the war has pushed up energy and food prices and made life much harder for many around the world.”<\/p>\n<\/div>\n

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    The OECD warned that Russia’s attack on Ukraine will result in higher inflation and lower growth for at least next year.<\/p>\n<\/div>\n

    \n

    However, the organization stressed that prolonged hardship could be avoided through concerted action by governments and central banks.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    The UK economy will grow more slowly than expected this year and stagnate next year, a think tank has warned. The Organization for Economic Co-operation and Development expects the UK economy to grow 3.6% this year, followed by 0% growth next year. This means that in 2023 the UK will go from being the second […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-34496","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nUK economy to have zero growth next year, predicts OECD - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/06\/08\/uk-economy-to-have-zero-growth-next-year-predicts-oecd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK economy to have zero growth next year, predicts OECD\" \/>\n<meta property=\"og:description\" content=\"The UK economy will grow more slowly than expected this year and stagnate next year, a think tank has warned. 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