UK to be major economy worst hit by Ukraine war, says OECD

Apartment buildings damaged from heavy fighting in an empty street in the Ukrainian city of Mariupol. Photograph: AP

Britain’s economy is forecast to slow to a standstill next year as it suffers more than any other major industrial country from the effects of Russia’s invasion of Ukraine.

The UK will grow by 3.6% in 2022 before posting zero growth in 2023, according to the Paris-based thinktank the Organisation for Economic Co-Operation and Development (OECD), with inflation expected to average 8.8% this year and fall only slightly to 7.4% in 2023.