With Brexit approaching, the UK is expected to face one of the deepest economic slumps of all developed countries. By Sky News Reporter

The global economy will shrink by considerably less than expected this year and its prospects in the coming years now look brighter than they have done for some time thanks to the development of promising new COVID-19 vaccines, according to the Organisation for Economic Co-operation and Development (OECD).

The economic institution, one of the world’s foremost forecasters, has lifted its predictions for most countries from its previous projections in June.

However it added that the UK will nonetheless face one of the deepest economic slumps of all developed economies, with Brexit contributing to its weak gross domestic product prospects.

The OECD raised its forecast for global economic growth in 2020 from the -6% it projected in June to -4.2%.

While this is the deepest fall in global growth on recent record, the OECD added that it expected growth of 4.2% and 3.7% in 2021 and 2022 respectively.

It is also notable that it is better than both the “single hit” and “double hit” scenarios mapped out by the Paris-based institution in the summer to simulate the impact of a second wave of the pandemic.