OECD Upgrades UK Economic Growth Forecast Amid Global Stability

The UK is now projected to have the second-highest growth rate among G7 nations, but inflation remains a concern.

The OECD has revised its forecast for UK economic growth in 2024 from 0.4% to 1.1%, placing it joint-second among G7 countries.
Despite the growth upgrade, the UK is expected to have the highest inflation rate in the G7, with projections of 2.7% for 2024 and 2.4% for 2025.
Global GDP growth is predicted to stabilize at 3.2% for both 2024 and 2025, with easing inflation and interest rate cuts supporting household incomes.
The OECD calls for higher property and environmental taxes to address rising global debt, urging fiscal discipline and enhanced revenue efforts.
Chancellor Rachel Reeves welcomes the growth forecast but emphasizes the need for further economic reforms in the upcoming Budget to rebuild Britain.