Economic Growth

Treasury written question – answered on 24th September 2020.

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Photo of Preet Kaur Gill Preet Kaur Gill Shadow Secretary of State for International Development

To ask the Chancellor of the Exchequer, what recent projections he has made of (a) GDP and (b) GNI growth in (i) 2020 and (ii) 2021.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Office for Budget Responsibility (OBR) is responsible for producing forecasts of the economy and public finances. HM Treasury does not produce forecasts of the economy or public finances.

The latest OBR forecast of Gross National Income (GNI) was published by the OBR in March. The OBR also published a set of economic scenarios as part of their July Fiscal Sustainability Report. In their central scenario real Gross Domestic Product (GDP) is assumed to fall by 14.3 per cent in 2020 before growing by 4.6 per cent in 2021.

The Chancellor of the Exchequer has asked the Office for Budget Responsibility to prepare a new economic and fiscal forecast.

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