Jack Penn
@Jack.Penn · Posted 04 Jan. 2022

The UK economy is expected to continue growing in the coming years. The OECD has predicted that the UK economy will grow by 2.1% in 2018, the same as in 2017, which would make 2018 the second year of above-trend growth since the Brexit vote. The economy is expected to continue growing in the coming years, with the OECD forecasting growth of 2.3% in 2020 and 2021, slightly less than the growth seen in the previous decade. Going forward, the OECD expects the economy to continue growing in line with its long-term trend. This will see the economy expand by an average of 2.4% per year between 2018 and 2022, up from an already impressive annual average of 2.4% between 2017 and 2021. The UK economy is currently on track to achieve one of the strongest economic performances in the G7 group of countries over the next five years. This will see the UK overtake Germany to become the fourth-largest economy in the world in 2022, according to International Monetary Fund estimates.

Richard Blake
@Richard.Blake · Posted 04 Jan. 2022

The economy is continuing to grow at a healthy pace, with GDP increasing by around 3% in 2018. Today’s resilient economic performance has been backed by a near-record-low interest rate environment, which has supported consumer spending. The strong economic outlook has been reflected in the latest business survey data, which has shown a marked strengthening in the confidence of UK firms. This suggests that the economy is going to perform well in the coming years. The UK economy just hit a milestone: it is now the fifth largest economy in the world. The economy has been growing steadily over the past few years and is now over 1% larger than it was in 2008. This growth has been driven by the strong performance of the UK’s trade and investment relationships with other countries. The economy is now one of the most open economies in the world, with a highly developed financial sector, large and sophisticated business services sector, and a globally-competitive manufacturing sector.

Peter Clark
@Peter.Clark · Updated 04 Jan. 2022

The UK economy has grown by 2.6% in 2018 and 2019, before slowing to 2.3% in 2020. This is still above the rate of growth in the Eurozone, and significantly faster than the 1.6% average in the OECD. However, the UK economy is aging rapidly, with the population expected to age much faster than the OECD average – the number of people aged 65 and over is set to rise from 16.9 million in 2016 to over 26.8 million by 2022. This means that the percentage of the population that is of working age will fall – from 70% currently to 64.8% by 2022. The UK economy is on a clear trajectory to continue its record-breaking run of growth over the coming years.