12:17 - 23.11.2023

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November 23, Fineko/abc.az. UK’s GDP growth forecast has been lowered in 2024 to 0.7% from previous 1.8%.

ABC.AZ reports that UK Chancellor of the Exchequer Jeremy Hunt said about this.

"Looking to the future, Office for Budget Responsibility (OBR) expects the economy to grow by 0.6% this year and 0.7% next year. After that, growth will be 1.4% in 2025, 1.9% in 2026, 2% in 2027 and 1.7% in 2028," Hunt said.

Calculations and forecasts of the OBR, a non-governmental consulting organization, are traditionally used by the HM Treasury when preparing the budget.

According to Hunt, inflation in the UK will slow to 2.8% by the end of 2024 and to the Bank of England's target of 2% by 2025.