The OECD has revised its growth outlook for the UK, reflecting a more somber economic forecast primarily driven by the fallout from Donald Trump's tariff wars. The organization's new projections indicate a slower growth rate of 1.3% in 2025 and 1% in 2024, down from earlier estimates. Contributing factors include rising inflation and constrained government spending capabilities. The grim outlook is not unique to the UK, as many nations faced similar downgrades. The OECD anticipates global economic growth to slow, particularly impacting countries involved in tariff disputes.
The OECD downgraded UK's economic growth forecast due to the impacts of US tariffs, reducing projections for 2025 from 1.4% to 1.3% and 2024 from 1.2% to 1%.
OECD's Alvaro Pereira remarked on the UK's economic challenges and the uncertainties created by tariff wars affecting global economic outlooks and national spending constraints.
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