UK facing biggest hit to growth from Iran war out of major economies

"The OECD has downgraded forecasts for many of the world's biggest economies due to the US-Israel war with Iran, warning of significant energy shortages globally."

"UK inflation is now forecast to hit 4% this year, sharply up from the previous estimate of 2.5%, with only the US expected to have higher inflation among G7 countries."

"The OECD's global growth forecast remains unchanged at 2.9%, but inflation across G20 countries is expected to rise to 4%, up from 2.8%."

The OECD forecasts the UK's economic growth at 0.7% for this year, down from 1.2%, due to the Iran war's impact. Inflation is expected to rise to 4%, up from 2.5%. The OECD downgraded growth forecasts for many economies, citing potential global energy shortages and rising food prices due to increased fertilizer costs. The UK is predicted to have the second-highest inflation in the G7, with only the US higher. The forecasts assume energy market disruptions will ease later in the year.

Read at www.bbc.com