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UK to be 2nd slowest growing economy in 2024 but likely to avoid recession

UK to be 2nd slowest growing economy in 2024 but likely to avoid recession

Posted on December 4, 2023   |  

The UK is projected to have the 2nd slowest economic growth among G7 nations next year. 

Recent estimates by the OECD have revised its performance from 0.3% to 0.5% for the current year.

The growth of the UK's GDP is expected to be restrained due to increased fiscal pressure on household incomes. 

Nevertheless, there is an anticipated gradual improvement, with growth reaching 0.7% in 2024 and 1.2% in 2025.

The UK is set to experience the highest inflation rate among G7 countries this year, averaging at 7.3%. 

Despite a slower rise in energy costs compared to the previous year, a deceleration in inflation is foreseen for 2024 and 2025.

Despite the challenges of slow growth and high inflation, there is optimism for increased consumer spending in the UK. 

This is attributed to the expected slowdown in inflation and the rise in wages.

Higher borrowing costs are significantly impacting the UK's housing market and business investments.