Britain is set for the slowest economic bounce-back in the G7 and one of the slowest recoveries among wealthy nations, according to new forecasts published today by the Organisation for Economic Cooperation and Development.
The OECD has updated its forecasts for global economic recovery, showing a return to pre-Covid GDP levels by the end of next year. The central scenario estimates a 4.2 per cent fall in global GDP this year, matched by a 4.2 per cent lift next year – while suggesting that its ‘upside scenario’ becomes more likely if successful vaccines are rolled out at a relatively fast pace.
But while these latest forecasts bode better for the global economy, the findings are a blow to the UK. On some counts, the OECD’s scenarios for Britain’s economic recovery are roughly on par with what the Office for Budget Responsibility published last week.
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