Thursday, May 30, 2013

UK's growing economy will leave Europe behind: Austerity is 'appropriate' says OECD as eurozone stagnates

The British economy will perform better than all its major European rivals this year as the sluggish recovery picks up pace, a leading global watchdog said yesterday.

The Organisation for Economic Cooperation and Development forecast growth of 0.8 per cent in the UK in 2013 – slightly weaker than the 0.9 per cent previously expected.

But it slashed its forecast for the eurozone from a decline of 0.1 per cent to a reverse of 0.6 per cent – with Britain doing better than Germany, France, Italy and Spain.