Thinktank says governments must learn lessons of financial crisis as it cuts UK growth forecast
The UK and other countries should steer clear of cutting government spending to ensure a stronger economic recovery from the coronavirus pandemic, the Organisation for Economic Cooperation and Development has said.
In its latest economic outlook report, the leading global thinktank said it expected the UK economy to contract by 11.2% this year, compared with the 10.1% fall in GDP it was forecasting in September. The Paris-based organisation also sharply downgraded its forecasts for UK growth next year, to 4.2% from 7.6% three months ago.
