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Global Economic Growth Forecast Downgraded
Global economic growth is projected to slow to 2.9% in 2023, primarily due to increased trade barriers from Donald Trump’s tariffs, according to the OECD. The US growth outlook has been cut from 2.2% to 1.6%, with inflation risks and a recent contraction of 0.2% in Q1 2023. The UK also faces downgraded growth forecasts of 1.3% for 2023, amid heightened trade tensions and substantial government debt, while Chancellor Rachel Reeves prepares for a Spending Review amidst economic uncertainty.
