UK recovery will be strongest in G7, says OECD

The British economy will outpace all others in the G7 group of countries over the first and second quarters of 2014, according to predictions by the Organisation for Economic Co-operation and Development (OECD)

Over the first six months of the year, the growth rate is forecast to reach 3.3%, outpacing predicted growth in Japan, the US, Germany, Canada, France and Italy.

The OECD’s forecast follows positive predictions from the British Chamber of Commerce, which announced earlier this week that the UK economy is forecast to hit its pre-recession peak by July this year.

The organisation expects to see total annual growth of 2.2% among the G7 countries in the first quarter this year, followed by 2% in the second.

“The underlying picture continues to be of strengthening growth momentum in the major advanced economies,” the OECD said.

“While activity in the euro area appears to be improving, so far it is doing so later and at a slower pace than in the other major economies. Notably, while unemployment has been falling elsewhere, it has remained flat at stubbornly high levels in the euro area.”

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