Rishi Sunak – live: UK will face a recession the world will avoid, warns OECD

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The UK faces the worst downturn of major economies next year and is preparing for a recession that much of the rest of the world will avoid, according to a new report from the Organization for Economic Co-operation and Development (OECD).

The global economic think tank has sharply lowered its forecast for the UK economy, predicting that it will contract by 0 .4% in 2023 and will grow only 0.2% in 2024. As late as September, he expected GDP to stagnate next year.

And he has warned of the risk of a deeper downturn if consumers react to soaring energy and housing costs by limiting spending, removing demand from the economy, while strikes and labor shortages could drive up prices by fueling wage inflation.

This survives. as Sir Keir Starmer accused the government of 'archiving UK growth' amid forecasts that the UK will face the worst downturn in major economies next year.