The OECD has lowered its global growth forecast to 2.9% due to rising trade barriers, primarily attributed to US tariffs imposed under the Trump administration. This downward revision impacts numerous countries, including the UK, whose growth forecast was reduced to 1.3%. The OECD cited weakened economic prospects worldwide and urged the UK to bolster public finances by increasing tax revenue. Despite Trump's claims of a booming economy, recent US data shows a 0.2% contraction. The OECD also highlighted risks of rising inflation in the US and weakening UK momentum.

Prepared by Christopher Adams and reviewed by editorial team.