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8 June 2022

UK set to grow slower than every G20 economy except Russia

The OECD has forecast that Britain will record 0 per cent economic growth next year.

The UK is forecast to have the lowest economic growth of any major economy bar Russia next year. The figures, released by the Organisation for Economic Cooperation and Development (OECD), show that the economy will come close to recession, with 0.0 per cent growth in GDP projected compared with this year’s figures.

That is worse than every other nation in the G20 group of countries, which are forecast to record at least some economic growth. The exception is Russia, whose economy is expected to contract due to Western sanctions following its invasion of Ukraine.

The OECD warned that Russia’s invasion of Ukraine has cut expectations of growth across the world, with large increases in inflation across many advanced economies.

Laurence Boone, the OECD’s chief economist, singled out the UK’s situation, saying it was unique in grappling with high inflation, rising interest rates and increasing taxes at the same time. She said: “Inflation is high compared with other OECD countries in the G20.

“The other thing is there is fast monetary tightening which is obviously responding to [inflation] and there is fiscal consolidation which is the highest in the G7.”

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The OECD also warned of the risks of food shortages in some countries with high reliance on agricultural exports from Russia and Ukraine. The organisation called for more international aid as well as global cooperation in the logistics of shipping and distributing to countries in need.

“The flaws of global vaccine distribution are still fresh in our memory,” it said. “Let’s not repeat them.”

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[See also: The ostrich economy is heading for a reckoning]

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