"Uncertainty around Brexit and continued cuts are stifling growth in the UK. Households are feeling the squeeze as prices are rising faster than wages"
The OECD projects that the global economy will grow by 3.6% this year, 3.7% in 2018 and 3.6% in 2019.
In the United Kingdom, the growth slowdown is expected to continue through 2018, due to continuing uncertainty over the outcome of negotiations around the decision to leave the European Union and the impact of higher inflation on household purchasing power. In this context, the UK is projected to grow by 1.5% this year, 1.2% in 2018 and 1.1% in 2019.
The euro area is projected to grow at a 2.4% rate in 2017 and a 2.1% pace in 2018 before also slowing in 2019, to 1.9%.
TUC General Secretary, Frances O’Grady, said: “Uncertainty around Brexit and continued cuts are stifling growth in the UK. Households are feeling the squeeze as prices are rising faster than wages, and business spending remains weak.
“The UK is crying out for decent investment. The government must put more funding into infrastructure, transport, science and technology in the parts of the country that are most in need of more and better jobs.”
