Wednesday, April 6, 2011

OECD: UK economic growth slows down

Source: Press TV

The Organisation for Economic Co-operation and Development (OECD) announced on Tuesday that the UK economy would face its slowest growth in 2011, it has been reported.

The OECD said the country's growth would be at a very weak 0.25 percent, which is close to a return to recession.

It also warned western countries of the negative effect of the Middle East unrest on their economies. The OECD predicted oil prices would escalate and cause a crisis in the Eurozone.

However, the OECD judges it "likely that the recovery is becoming self-sustained," adding that that UK would remain behind.

Following a bounce back in the first quarter of 2011, the UK was expected to make up for the output lost during the snow, but failed.

The OECD predicted the country's economy growth in 2011 to drop to 1.5 percent from 1.7 percent as a result of "significant headwinds" from coalition spending cuts and rising living expenses.

The organisation backed the Chancellor's plan to reduce the budget deficit, stating that the "priority is to consolidate budgets and establish credible and growth-friendly medium-term plans."

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