The British economy will grow less than previously predicted this year and flatline entirely in 2023, according to a new report.
The Organisation for Economic Co-operation and Development (OECD) said it has downgraded its current annual projection for the UK economy owing to “declining real incomes and disruptions in energy markets.”
The UK’s GDP is set to grow by 3.4 percent in 2022, rather the 3.6 percent predicted three months ago, the body said in its interim outlook report.
The Bank of England, the UK’s central bank, said on Thursday that it believes the UK economy is already in recession.
The bank had previously projected the economy would grow in the current financial quarter but said it now believes GDP will fall by 0.1 percent….