OECD: UK growth will hit zero in 2023

Worst in G20 bar Russia

clock • 1 min read

UK GDP is expected to grow by 3.6% this year but will stagnate in 2023 as UK growth comes to a standstill.

According to data from the Organisation for Economic Co-operation and Development, growth in the UK is slowing down amid persisting supply chain shortages and rising inflation. This follows a decline of 0.1% in growth in March and no growth in February. Meanwhile, the OECD found inflation is set to keep rising, peaking at over 10% by the end of this year as the UK faces continued labour and supply shortages, as well as high energy prices linked to the war in Ukraine. In March this year, vacancies reached 1.3m, and while the unemployment rate fell to 3.7%, the level remains above pr...

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