UK economy to grow faster than Japan, Italy and Germany this year, says OECD

The OECD ranked Britain joint second among G7 countries in economic growth projections, with an upgrade reflecting a robust recovery from a mild recession.

Despite positive growth predictions, the UK faces challenges with the highest inflation in the G7, expected to rise from 2.2% to 2.7% by year-end.

OECD's chief economist noted unexpected consumer spending growth, attributing it to rising wages and low inflation, showing resilience amid previous pessimism.

Globally, the economy is turning a corner, driven by lower inflation and reduced borrowing costs, aiding recovery post-pandemic and geopolitical shocks.

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