In its latest economic outlook, the Paris-based thinktank sharply upgraded its view for UK growth, thanks to the success of the Covid-19 vaccination programme. Back in March, the OECD had forecast UK growth of 5.1% this year. However, the OECD also warns that the UK could suffer more longer-term economic damage than other G7 industrialised nations, with the impact of leaving the EU adding to the disruption of the pandemic. However, major eurozone members could experience a 0.3% annual decline in potential economic output, while the UK’s growth rate could be 0.5% a year lower than previously expected. The OECD said this was partly down to the impact of leaving the EU, as well as Covid-19.

Source: The Guardian May 31, 2021 10:41 UTC