UK economy to grow faster than Japan, Italy and Germany this year, says OECD

The global economy is “turning a corner”, according to the latest outlook from the Organisation for Economic Cooperation and Development (OECD) as it upgraded the UK’s growth forecast for this year to faster than that of Japan, Italy and Germany.The OECD ranked Britain joint second among the G7 developed countries, behind the US, in its latest outlook on the global economy, but the UK is still expected to have the highest inflation in the group.Describing the UK’s economic growth as “robust”, the OECD upgraded its growth for 2024 to 1.1% from a forecast of 0.4% made in May, as the country recovers from a mild recession at the end of last year. The forecast of 1.2% growth in 2025 was maintained.In the May forecast, the UK was behind all other nations in the informal bloc but is now expected to outpace Japan, Italy and struggling Germany. Britain is now on par with Canada and France but behind the US.However, Britons are still expected to face headwinds from rising…