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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

'Budget will be a reset for our economy' Reeves tells IMF colleagues

'Budget will be a reset for our economy' Reeves tells IMF colleagues

Autumn Budget on 30 October

Linus Uhlig
clock 24 October 2024 • 2 min read
Advisers urged not to let clients 'act too soon' ahead of Budget

Advisers urged not to let clients 'act too soon' ahead of Budget

Communication is about ‘staying calm and keeping clients focused’

Isabel Baxter
clock 22 October 2024 • 5 min read
Why the Bank of England needs to stop over-sharing

Why the Bank of England needs to stop over-sharing

'We are used to the comments of central bankers moving markets'

Laith Khalaf
clock 17 October 2024 • 4 min read