Following the OECD forecasting that the UK has the second worst economic performance in the G7, Tommaso Aquilante, Associate Director of Economic Research at Dun & Bradstreet has shared his thoughts on why the UK’s economy continues to struggle, and what businesses should do in order to boost their resilience.
Tommaso Aquilante, Associate Director of Economic Research at Dun & Bradstreet comments:
“The OECD forecasts depict a struggling UK economy for 2023, with growth now predicted to be the second worst in the G7. However, in times of great uncertainty, forecasting is more difficult than usual and predictions should be taken with an extra pinch of salt. One could actually see the glass half full in noting that in contrast with the other sets of forecasts published in 2023, the OECD is now predicting positive growth for the UK economy, rather than negative. But we would probably be erring on the side of optimism. The truth is that the numbers remain pretty small, and obsessing over them can be misleading for businesses.
“Businesses should focus on managing their financial pipeline and find innovative ways to serve customers and identify potential risks and opportunities to remain productive and competitive. With business liquidations remaining elevated, credit risk increasing, and financial conditions tightening, competition is becoming fiercer. This is where quality data insights can provide a significant advantage and bolster business resilience, especially when combined with other strategic initiatives.”
