Rapid UK house price growth threatens financial stability as hard Brexit looms, warns OECD

The OECD predicts the global economy will expand by 3.5pc this year, up from 3pc in 2016.

However, Ms Mann warned that the “modest” upturn was not yet enough to raise living standards or “reduce persistent inequalities” as she warned that the global economy remained vulnerable to shocks.

The OECD noted that growth per head in the OECD remained 0.5 percentage points weaker than the two decades before the financial crisis.

“In sum, the global economic outlook is better, but not good enough to sustainably improve citizens’ well-being,” said Ms Mann.

She added: “The global cyclical upturn is not yet assured; nor are the higher productivity, greater inclusiveness, and non-discriminatory international system that are needed to improve well being for all. Policymakers cannot be complacent.”

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