OECD: UK economic growth leads G7 in fourth quarter of 2016

A recent report released by the Organization for Economic Co-operation and Development (OECD) shows that the British economic growth led the G7 countries in the fourth quarter of 2016.

In 2016, the average economic growth of OECD member countries was 1.7%, which was significantly lower than the 2.4% in 2015. Among them, the average economic growth rate of developed countries in the fourth quarter of 2016 was 0.4%. In contrast, the UK’s economic growth rates in the fourth quarter and 2016 were 0.6% and 2.2% respectively, ranking the best among G7 countries.

According to the report, the economies of Germany and France, among the G7 countries, both grew by 0.4% in the fourth quarter. The economic growth of the United States, the world’s largest economy, slowed to 0.5% during the same period from 0.9% in the previous quarter.

The OECD had previously expected that UK economic growth would slow significantly to 1.2% this year due to uncertainty surrounding the UK’s Brexit process and new trade relations with the EU and other countries around the world. But this expectation was based on the fact that the British economy had already slowed down significantly in 2016, and this assumption has now been proven to be untrue.

In addition to the OECD, many authoritative institutions and economists have also expected a decline in the UK’s economic growth rate. However, so far, the impact of the Brexit referendum has not been obvious, which has led the Bank of England to increase its forecast. previous economic outlook.

According to the OECD’s forecast method of measuring economic momentum, the British economy is likely to maintain a steady pace despite the doubts surrounding the Brexit negotiations with the EU.