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OECD cuts UK growth forecasts as Reeves readies budget update

  • The Organisation for Economic Co-operation and Development reduced its UK growth forecasts to 1.4% in 2025 and 1.2% in 2026, down from earlier forecasts of 1.7% and 1.3% respectively.
  • The OECD warned that consumers face much of the burden of higher tariffs and emphasized the need for governments to address concerns within the global trading system.
  • Canada's growth forecast has been cut to 0.7% for the next two years, a decline from the 2% previously estimated, due to trade tariffs.
  • Mexico is projected to enter a recession, with output expected to shrink by 1.3% in 2025 and 0.6% in 2026 according to the OECD.
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thegne.online broke the news in on Monday, March 17, 2025.
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