UK Faces Worst Economic Downturn Among G-7 Nations: OECD

The City of London financial district can be seen as people walk along the south side of the River Thames, in London, on March 19, 2021. Henry Nicholls/Reuters

The UK economy will contract more than any other G-7 nation next year, according to the latest forecasts from the Organisation for Economic Cooperation and Development (OECD).

The OECD expects the UK economy to shrink by 0.4 percent in 2023 and grow by just 0.2 percent in 2024.