{"id":133950,"date":"2024-09-26T07:40:42","date_gmt":"2024-09-26T04:40:42","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/uk-economy-to-grow-faster-than-japan-italy-and-germany-this-year-says-oecd\/"},"modified":"2024-09-26T07:40:42","modified_gmt":"2024-09-26T04:40:42","slug":"uk-economy-to-grow-faster-than-japan-italy-and-germany-this-year-says-oecd","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/en\/news\/uk-economy-to-grow-faster-than-japan-italy-and-germany-this-year-says-oecd\/","title":{"rendered":"UK economy to grow faster than Japan, Italy and Germany this year, says OECD"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\" method=\"post\" data-trp-original-action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button\" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/en\/wp-json\/wp\/v2\/posts\/133950\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\n<p>The global economy is \u201cturning a corner\u201d, according to the Organisation for Economic Cooperation and Development, which has upgraded the UK\u2019s growth forecast for this year to faster than that of Japan, Italy and Germany. The OECD\u2019s latest outlook ranked Britain joint second among the G7 developed countries in its latest outlook for the world economy. However, the UK is still expected to have the highest inflation in the group.<\/p>\n<p>It described British economic growth as \u201crobust\u201d, upgrading the 2024 figure to 1.1% from a forecast of 0.4% made in May, as the country recovers from a mild recession at the end of last year. The forecast of 1.2% growth in 2025 was maintained. In the May forecast, the UK was behind all other nations in the bloc. Now it is on par with Canada and France but behind the US. However, Britons are still expected to face headwinds from rising prices, with inflation, which was 2.2% in August, at 2.7% across 2024. UK inflation is on course to remain at 2.4% for 2025, rising at the fastest rate in the G7.<\/p>\n<p>Overall, the OECD said the global economy was \u201cturning a corner\u201d. Lower inflation and cuts to the cost of borrowing by central banks would support \u201congoing momentum\u201d in most major economies. Those conditions would allow the global economy to return to health after the shocks caused by the coronavirus pandemic and Russia\u2019s invasion of Ukraine, it said.<\/p>\n<p>The OECD\u2019s chief economist, \u00c1lvaro Pereira, said he was surprised by the strength of the UK\u2019s recovery earlier in the year after last year\u2019s recession. The Paris-based organisation was among the most pessimistic economic forecasters when it made a judgment in May that low consumer spending and weak business investment would drag on Britain\u2019s growth.<\/p>\n<p>Business investment has remained low, but rising wages and low inflation increased consumer spending by more than expected. Pereira said the UK was in a similar situation to many European countries that needed to restrict debt levels. \u201cNot by introducing draconian austerity,\u201d he said, \u201cbut it should be said that fiscal prudence is necessary.\u201d<\/p>\n<p>The OECD reported that global trade was returning to pre-pandemic levels at a faster pace than expected after shipping companies found ways to avoid the Red Sea. Meanwhile, weaker inflation meant real incomes had grown and consumer spending recovered in many countries. However, the OECD said Asian ports were struggling to accommodate ships forced to take longer routes, pushing container costs up by 160% since last year.<\/p>\n<p>Source: <a rel=\"noopener\" href=\"https:\/\/www.theguardian.com\/business\/2024\/sep\/25\/uk-economy-to-grow-faster-than-japan-italy-and-germany-this-year-says-oecd\">The Guardian<\/a><\/p>\n<\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/csr-news-en\/uk-economy-to-grow-faster-than-japan-italy-and-germany-this-year-says-oecd\/\">UK economy to grow faster than Japan, Italy and Germany this year, says OECD<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[555,3499,16239],"class_list":["post-133950","post","type-post","status-publish","format-standard","hentry","category-news","tag-csr-news-en","tag-grow","tag-uk-economy"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/133950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/comments?post=133950"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/133950\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/media?parent=133950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/categories?post=133950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/tags?post=133950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}