UK growth forecast upgraded but pandemic ‘scar’ to be worst of all G7 nations, says OECD

  • Date: 31-May-2021
  • Source: SkyNews
  • Sector:Economy
  • Country:Middle East
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UK growth forecast upgraded but pandemic ‘scar’ to be worst of all G7 nations, says OECD

The UK economy will grow even faster than expected this year and next, but it is nonetheless expected to suffer the most long-term economic damage of any of the seven major industrialised nations following the pandemic, the OECD has warned.

In its six-monthly Economic Outlook, its comprehensive assessment of the state of the global economy, the Organisation for Economic Co-operation and Development (OECD) upgraded its projections for UK economic growth significantly this year and next, from 5.1% to 7.2% this year and from 4.7% to 5.5% next year.

The upgrades, which were mirrored across many major economies, were a product of the dispersion of vaccines across much of the developed world, the Paris-based institution said.