According to the Organization for Economic Co-operation and Development (OECD), the growth in the UK will beat all other G7 countries in the third quarter of the ongoing financial year.
The thinktank of OECD has upgraded its growth forecast to 0.7% for UK in the third quarter compared to the second quarter which was upgraded from the forecast of 0 5%.
But according to the figures of Office for National Statistics (ONS), the growth in the third quarter would be slower than 1.2% which was achieved in the second quarter of this year. Meanwhile, the ONS has also made a forecast of stronger growth in the UK in the third quarter as compared to the other countries like France, Italy, Germany, Canada and the US. The OEDC has downgraded its forecast of growth for UK in the fourth quarter from 0.5% to 0.4% and warned that the global economic recovery was slowing faster than it was expected previously.
The WEF has also reported that UK has moved up by one place in the ranking system. These kind of mixed statements have really worried the investors.
Related News
- Lackluster economy expecting a boom in the coming quarter
- Revised Forecast by OECD Group
- OECD Economies Grow for Third Straight Quarter in Three Months
- Taiwan Projected To Grow by 6.14% in 2011
- South Korea's Economic Growth Slows More than Expected in Fourth-Quarter
- South Korea’s economic growth slowed during second quarter
- New Zealand's Economy Beats Expectation
