United Kingdom growth to be slowest in G20 this year, says OECD

United Kingdom growth to be slowest in G20 this year, says OECD

United States economic growth is tipped for a rise from 2017's 2.3% to 2.9% this year and 2.8% in 2019, on the back of tax cuts and spending increases under President Donald Trump.

The UK trails last out of the G20 economies in OECD growth projections for both 2018 and 2019, with Britain's rate of GDP increase declining in both years while many other countries surge ahead.

Growth will particularly be powered by private investment and trade picking up on the back of strong business and household confidence, the OECD said.

Alvaro Pereira, the OECD's acting chief economist, said: "US steel and aluminium tariffs will raise costs and harm consumers, while not solving the global overcapacity problem. Certainly we believe this is a significant risk, so we hope that it doesn't materialize because it would be fairly damaging", Pereira said.

The OECD forecast the USA economy would grow 2.9 percent this year and 2.8 percent in 2019, with tax cuts adding 0.5-0.75 percentage points to the outlook in both years.

The UK will be the slowest-growing economy in the G20 barring South Africa if the OECD's predictions come through, with growth well behind the 2.2 per cent average expected in the Eurozone or the 2.5 per cent annual expansion in the US.

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With tax cuts boosting the economy this and next year, the OECD forecast the upper bound of the target federal funds rate could reach 3.25 percent by the end of 2019 from 1.5 percent now. That was higher from a November forecast of 1.2 percent due to the broader global improvement.

But 2019 is unchanged at 1.1%, compared to the OECD's most recent forecast in November, and both years are down on the 1.7% growth recorded for 2017.

In contrast, stronger growth in France and Germany boosted the outlook for the broader euro zone to 2.3 percent for this year and 2.1 percent in 2019.

"In Japan, where underlying inflation and inflation expectations remain low, current stimulus measures need to be continued to help achieve the inflation target", the OECD said.

National Treasury now anticipates growth of 1.5% in 2018, rising to 2.1% in 2020.

In its quarterly report, the Paris-based research body said it expects growth to ease off in some of those economies this year, but not by as.

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