UK Economy to Slow Amid Brexit and Spending Squeeze: OECD

Published June 8th, 2017 - 12:21 GMT
The UK's economy is losing momentum. (Daniel Leal-Olivas/ AFP)
The UK's economy is losing momentum. (Daniel Leal-Olivas/ AFP)

The UK’s economic growth will dip this year before dropping sharply in 2018, according to the Organisation for Economic Cooperation and Development (OECD).

Forecasters at the group predicted growth will dip to 1.6 percent in 2017 before falling further to 1 percent the folllowing year. The latter figure would make the UK one of the poorest-performing of the major economies, ahead only of Italy.

Unemployment is expected to rise as companies cut back investment amid uncertainty about future relations with the European Union and lower profit margins.


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