NEWS STORY : IMF Predict UK the Only G7 Economy to Shink in 2023
STORY
New research from the IMF suggests that the UK will be the only G7 economy to see a shrinking GDP level in 2023. Updating its predictions, it noted that the downgrade of predicted growth was made because of the UK’s high energy prices, higher mortgage costs, increased taxation and problems with supply of labour. The IMF has though upgraded their forecast to show an increase of UK GDP in 2024 from 0.6% to 0.9%.
Jeremy Hunt, the Chancellor of the Exchequer, said:
“Short-term challenges should not obscure our long-term prospects – the UK outperformed many forecasts last year, and if we stick to our plan to halve inflation, the UK is still predicted to grow faster than Germany and Japan over the coming years”.
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