LONDON – The United Kingdom’s Treasury chief presented on Tuesday fresh official forecasts for the country’s economy, showing that growth in 2018 will be modestly higher than predicted late last year, according to a Dow Jones report.
In a statement to parliament, Philip Hammond said projections from the Office for Budget Responsibility, the UK’s fiscal watchdog, point to growth in 2018 of 1.5 percent, compared with a November forecast of 1.4 percent.
The UK was among the weakest performers in the Group of Seven advanced economies in 2017 and is forecast to grow slower than many of its peers in the years ahead as uncertainty over the country’s future ties to the European Union weigh on activity and investment.
The British economy is also plagued by poor productivity growth, the Dow Jones report added.
The OBR left its growth forecasts for future years unchanged, with an expectation the economy will eke out an expansion of just 1.3 percent in 2019 and 2020.