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<p>The OECD’s latest Economic Outlook underlines the uncertainty around the global
economic outlook. The OECD forecast global growth will slow sharply this year and
to remain at a subdued pace in 2023 linked to the effects of Russia’s invasion of
Ukraine, inflationary pressures across many economies and continuing effects of the
Covid-19 pandemic. The OECD estimates global growth of 3.0% in 2022 and 2.8% in 2023.</p><p>
</p><p>The OECD forecast that the UK economy will grow by 3.6% this year, the second
fastest in the G7, while growth in 2021 was the highest of the G7 (7.4%). Looking
ahead, we face challenges across the global economy – common challenges with other
countries including high inflation. This is why we are taking significant action to
support households with the cost of living totalling around £37bn this year. We also
continue to make progress against our plan for growth to support the economy, including
a landmark capital uplift in the Spending Review 2021, the creation of the UK Infrastructure
Bank, more funding for apprenticeships and skills training, a commitment to double
public investment in R&D, and the launch of the UK-wide Help to Grow scheme.</p>
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