The Organisation for Economic Co-operation and Development downgraded UK growth projections for 2024 and 2025, anticipating sluggish growth compared to other major economies in the G7 group.
Despite easing inflation globally, the UK is expected to experience slower growth due to interest rate rises to control inflation, with weak GDP, and high core inflation projections.
Higher wages may boost consumer spending but pose inflationary risks, adding pressure to the Bank of England to lower the Consumer Price Index towards the 2% target.
The UK is forecasted to have slower growth compared to G7 nations, with real wage growth supporting a slight increase in private consumption amidst the sluggish economic outlook.
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