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The UK will be the second weakest performer of the world’s big economies next year as the global economy continues to suffer the knock-on effects of the biggest energy shock in four decades, a leading international institution has warned.
The Paris-based Organisation for Economic Co-operation and Development said only Russia of the members of the G20 group of leading developed and developing nations would suffer a bigger contraction than Britain in 2023.
In its half-yearly economic outlook, the OECD said the UK economy would expand by 4.4% this year – the sixth fastest rate in the G20 – but contract by 0.4% next year.