Forecast upgrades UK to joint second after US but it is still expected to have highest inflation among G7 countries

The global economy is “turning a corner”, according to the latest outlook from the Organisation for Economic Cooperation and Development as it upgraded the UK’s growth forecast for this year to faster than Japan, Italy and Germany.

The OECD ranked Britain joint second among the G7 developed countries behind the US in its latest outlook on the global economy, but the UK is still expected to have the highest inflation in the group.