OECD: UK economy to grow despite Brexit
09 Feb 2017
According to the Organisation for Economic Co-operation and Development (OECD), UK economic growth is gaining momentum despite uncertainty about leaving the European Union (EU) and the future of trade with the EU.
Composite leading indicators (CLIs), which anticipate turning points in economic activity relative to trend six to nine months ahead, continue to indicate that growth is gaining momentum in several advanced economies, including the United Kingdom.
The OECD predicts, however, that UK growth will fall steeply in 2017 as the UK commences Brexit negotiations, with forecasts showing growth of 1.2 per cent this year, well below the Bank of England's forecast of 2 per cent.
“In the United Kingdom, there are tentative signs of growth gaining momentum, but the CLI remains below trend and uncertainty persists about the nature of the agreement the UK will eventually conclude with the EU,” the OECD says.