{"id":83556,"date":"2022-06-09T08:42:53","date_gmt":"2022-06-09T08:42:53","guid":{"rendered":"https:\/\/newsbharat24x7.co.in\/?p=83556"},"modified":"2022-06-09T08:42:55","modified_gmt":"2022-06-09T08:42:55","slug":"uk-to-see-slowest-growth-of-developed-countries-says-oecd","status":"publish","type":"post","link":"https:\/\/thebharat24.com\/?p=83556","title":{"rendered":"UK to see slowest growth of developed countries, says OECD"},"content":{"rendered":"\n

The UK economy will grow more slowly than expected this year and will stagnate next year, a think tank says.<\/strong><\/p>\n\n\n\n

The Organisation for Economic Co-operation and Development expects the UK economy to grow by 3.6% this year, followed by 0% growth next year.<\/p>\n\n\n\n

It means the UK will go from the second-fastest growing economy in the G7 group of industrial nations to the slowest growing in 2023.<\/p>\n\n\n\n

The G7 members are the UK, US, Canada, Germany, Japan, France and Italy.<\/p>\n\n\n\n

The OECD is a group of countries which aims to assist economic development, raise living standards and promote growth in world trade.<\/p>\n\n\n\n

Laurence Boone, the Paris-based think tank’s chief economist, said the UK was being hit hard by a combination of factors, including higher interest rates, higher taxes, reduced trade and more expensive energy and food.<\/p>\n\n\n\n

However, the report does not take into account the chancellor’s emergency measures announced on 26th May. Those measures, which included a \u00a3400 energy bill discount for every household in the UK<\/a>, are worth around \u00a315bn.<\/p>\n\n\n\n

A Treasury spokesperson said many people would be concerned by the forecasts.<\/p>\n\n\n\n

“While we can’t insulate the UK from global pressures entirely, our economy is in a strong position to deal with these challenges. We have a plan for growth, and we are supporting people with the cost of living,” they added.<\/p>\n\n\n\n

Rachel Reeves, Labour’s shadow chancellor, said the OECD report “lays bare the extreme challenges facing the UK economy”.<\/p>\n\n\n\n

“That economic growth in the UK will grind to a halt next year, with only Russia performing worse than us in the G20, is a shameful indictment of the chaos and incoherence of this Conservative government,” she said.<\/p>\n\n\n\n

“Labour would create a more secure economy by spending wisely, taxing fairly, and getting the economy firing on all cylinders.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The UK economy will grow more slowly than expected this year and will stagnate next year, a think tank says. The Organisation for Economic Co-operation and Development expects the UK economy to grow by 3.6% this year, followed by 0% growth next year. It means the UK will go from the second-fastest growing economy in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[153],"tags":[],"class_list":["post-83556","post","type-post","status-publish","format-standard","hentry","category-153"],"_links":{"self":[{"href":"https:\/\/thebharat24.com\/index.php?rest_route=\/wp\/v2\/posts\/83556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thebharat24.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thebharat24.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thebharat24.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thebharat24.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=83556"}],"version-history":[{"count":0,"href":"https:\/\/thebharat24.com\/index.php?rest_route=\/wp\/v2\/posts\/83556\/revisions"}],"wp:attachment":[{"href":"https:\/\/thebharat24.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=83556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thebharat24.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=83556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thebharat24.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=83556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}