The UK economy will outstrip Germany's in 2023, new official figures have proven. The Organisation for Economic Co-operation and Development (OECD) launched improved British progress figures final week predicting British GDP will rise by 0.3 p.c this 12 months. The information additionally exhibits that, by subsequent 12 months, UK progress may match the G7's high performer.

The OECD's June financial outlook exhibits that Germany has fallen right into a recession, with zero p.c predicted progress for 2023 to 2024.

The prediction implies that the UK's 0.3 p.c locations it above the EU large however joint-fourth from the underside of the world's main economies.

South Africa has the identical predicted progress fee, with Germany third from the underside and Russia and Argentina second and final in recession with -1.5 p.c and -1.6 p.c contraction.

The newest figures have barely upgraded the UK's earlier forecast of 0.2 p.c in March this 12 months.

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And the UK's progress may rival the US by subsequent 12 months, with the OECD's new figures exhibiting the nation is on observe to fulfill the G7 chief.

The US is high amongst G7 members with 1.6 p.c predicted progress, and by subsequent 12 months, the OECD predicts that the UK will rise to fulfill the nation.

While progress is relatively low in 2023, the organisation envisions a 0.7 p.c improve to at least one p.c in 2024.

The prediction locations the UK neck-and-neck with the US, which is anticipated to sink from 1.6 p.c to at least one p.c.

Within the G7 as an entire, this may make the UK's progress the joint fourth largest, with Italy additionally anticipated to see one p.c subsequent 12 months.

Germany is simply anticipated to say no additional, with the OECD anticipating contraction to -0.4 p.c.

The figures are reasonably encouraging for the UK and its fellow G7 members, however the group continues to be far behind the world's high performers.

India, China and Indonesia got here first, second and third with predicted progress of six p.c, 5.4 p.c and 4.7 p.c respectively.

By 2024, all however China - the place progress will fall to five.1 p.c - are anticipating an enchancment.

India's progress forecast will increase to seven p.c, and Indonesia's to five.1 p.c.

Clare Lombardelli, the OECD's chief economist, stated the current figures mark a turning level for the world's main economies.

She stated: “The global economy is turning a corner but faces a long road ahead to attain strong and sustainable growth.”