Accountants based in Sidcup, UK

OECD warns UK on course for biggest economic downturn

23 Nov 2022

In a new report, the Organisation for Economic Co-operation and Development (OECD) has warned that the UK economy is on track for the biggest downturn when compared to any other nation in the G7.

The report suggested that the UK economy will shrink by 0.4% in 2023 and grow by just 0.2% in 2024.

The OECD said that whilst growth in the Eurozone will be weak next year, only the UK and the German economies are expected to contract. It stated that the war in Ukraine has affected economies 'unevenly', with European economies 'bearing the brunt' of the impact on trade and business.

Responding to the OECD's report, a spokesperson for Prime Minister Rishi Sunak said: 'We're taking a different approach post-April to the energy support, targeting it towards the most vulnerable.

'These are challenges that are affecting different countries at slightly different times. We emerged from the pandemic faster than many other countries in Europe. But some of these challenges are shared.'

The OECD's report can be read in full here.

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