UK economic growth 'robust', OECD thank tank says

Published On Sep 25, 2024, 5:57 AM

The OECD reports that the UK economy is expected to grow by 1.1% in 2024, placing it alongside Canada and France as the second highest in economic growth among wealthy nations, though behind the US. This marks a significant improvement from previous projections where the UK was last in growth among the G7 nations. Despite this positive outlook, the report warns of ongoing risks, including geopolitical tensions and rising consumer prices, with inflation anticipated to be higher than in other G7 countries. Chancellor Reeves aims to balance this optimistic economic forecast with the reality of upcoming budgetary challenges.

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The UK's economic forecast indicates a resilient growth trajectory compared to other G7 nations. This could enhance investor confidence and attract investment into sectors that benefit from this growth.

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