The OECD has revised the UK's economic growth forecast, now expecting GDP to grow by 1.4% in 2023 and 1.2% in 2026, down by 0.3 percentage points. Despite this downgrade, the UK is still projected to be the second-fastest growing economy in the G7. Inflation remains steady at 2.7% for this year. Chancellor Rachel Reeves faces pressure to align fiscal targets amid rising global trade uncertainties. Additionally, the OECD reports significant economic downgrades for North America, including forecasts of recession in Mexico and reduced growth in Canada. This landscape underscores the complexities facing the UK economy.
The OECD's latest projections indicate UK GDP growth is downgraded to 1.4% for this year and 1.2% for 2026, amid ongoing global trade tensions.
Chancellor Rachel Reeves faces pressure to meet fiscal targets as the UK's economic growth is paused by inflation and trade uncertainties.
OECD highlights that the economic outlook for North America, particularly Canada and Mexico, has significantly deteriorated, with Mexico facing a recession.
Reeves emphasized the need for Britain to adapt to a changing global landscape, highlighting the government's commitment to stability in these uncertain times.
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