Is the OECD doing Labour’s PR for it? I ask only because of its bullish prediction for UK economic growth in its latest economic outlook, published this morning, and the contrast with what it has been saying about Britain over the past few years.
An economy that was supposed to be hammered by Brexit has suddenly been transformed into one of which Rachel Reeves is able to say: ‘The OECD upgrade will mean the UK is the fastest growing European economy in the G7 over the next few years.’
The OECD has pencilled in growth of 0.9 per cent in 2024, followed by 1.7 per cent in 2025 and 1.3 per cent in 2026. The corresponding figures for Germany are zero, 0.7 per cent and 1.2 per cent, and for France 1.1 per cent, 0.9 per cent and 1.0 per cent.
This clashes somewhat with what the OECD was saying about Britain two years ago, when it predicted that the UK would suffer a recession in 2023, worse than any advanced economy and exceeded only by Russia.
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in