UK faces ongoing higher inflation than most G20 countries

2023 forecast from OECD says UK will avoid recession

Elliot Gulliver-Needham
clock • 1 min read

The UK will dodge a recession in 2023 but continue to see one of the highest inflation figures among G20 countries, the Organisation for Economic Co-operation and Development (OECD) has forecast.

In the OECD's economic outlook for 2023, it predicted inflation would average 6.9% throughout the year for the UK, leaving the country with higher inflation than any G20 member except Argentina and Turkey. The average G20 country will see inflation fall from 7.8% last year to 6.1% this year and 4.7% in 2024, it added. "Headline inflation is projected to slow on the back of declining energy prices and to come down close to target by the end of 2024," the OECD said. Meanwhile, UK GDP growth is expected to be modest at 0.3% throughout the year, improving moderately to 1% in 2024. Unem...

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