Belfast Telegraph

Tuesday 31 May 2016

UK will be fastest off blocks for economic recovery, says OECD

Andrew Woodcock

Published 12/03/2014

Prime Minister David Cameron
Prime Minister David Cameron

The UK's economy will be growing faster than any of the other G7 states by the middle of this year, a respected international economic thinktank has forecast.

The Organisation for Economic Co-operation and Development predicted an annualised GDP growth rate of 3.3% in both the first and second quarters of 2014.

The forecast was welcomed by Prime Minister David Cameron as an indication of the success of the coalition's economic policies.

The OECD prediction suggests a considerably healthier recovery than was expected by the Government's own independent forecaster, the Office for Budget Responsibility, at the time of last December's Autumn Statement, when it expected 2.4% growth in the UK for 2014 as a whole.

The UK GDP figures outstripped those for the US, which the OECD predicted would grow by 1.7% in the first quarter of 2014 and 3.1% in the second, and Germany, where forecast growth of 3.7% in the first quarter fell back to 2.5% in the second, as well as France (0.7% and 1% growth), Italy (0.7% and 0.1%) and Canada (0.5% and 2.4%). After growing by 4.8% in the first three months of 2014, Japan's GDP was predicted to shrink by 2.9% in the next three.

Presenting the OECD's findings in Paris, its deputy secretary-general and acting chief economist, Rintaro Tamaki said: "The gradual recovery in advanced economies is encouraging, even if temporary factors have pushed down growth rates in the early months of this year, while the slowdown in emerging economies is likely to be a drag on global growth."

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