The UK’s economy is growing more slowly than expected in 2022 and will grind to a halt next year, the Organisation for Economic Co-operation and Development (OECD) has predicted.
The international organisation projected that UK GDP (gross domestic product) will grow by 3.64 percent this year, a significant downgrade from the 4.75 percent growth it forecast in December 2021.
It said UK growth will stagnate in 2023 due to depressed demand.
According to OECD projections, UK inflation will keep rising and peak at over 10 percent at the end of 2022 due to continuing labour and supply shortages and high energy prices, before gradually declining to 4.7 percent by the end of 2023….