UK on brink of recession and will fall behind all major economies except Russia, OECD warns
The Independent says Britain is on the brink of a painful recession as prices continue to rise rapidly and the economy records zero growth next year, according to new analysis.
The Organisation for Economic Co-operation and Development (OECD) predicted that the UK will be the worst-performing economy of any nation in the developed world apart from Russia in 2023.
The euro area economy is expected to expand by just 1.6 per cent and the US by 1.2 per cent while the UK lags behind with zero growth.
Analysts said even if the UK narrowly avoids a recession, 2023 is likely to be another year of falling living standards with the lowest-income groups hit hardest by soaring inflation stoked by the war in Ukraine.
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