Britain's economy will shrink this year, with a contraction of 0.6%. Read more at straitstimes.com.
LONDON - Britain faces the bleakest two years of any major industrial nation with a recession in 2023 and the slowest growth of peers in 2024, the International Monetary Fund predicts.
“The governor of the Bank of England recently said that any UK recession this year is likely to be shallower than previously predicted,” Mr Hunt said in a statement. “We are not immune to the pressures hitting nearly all advanced economies. Short-term challenges should not obscure our long-term prospects.”
The IMF did not downgrade any other G-7 economy this year as it raised its global growth forecast from 2.7 per cent to a still sluggish 2.9 per cent.as Covid-19 spreads could set back the world economy, it said in its World Economic Outlook update. However, “adverse risks have moderated since October.”
The Bank of England has raised rates from 2.25 per cent to 3.5 per cent, and markets now expect rates to settle around 4.5 per cent. The IMF said it’s downgrade also reflected “tighter fiscal” policy but, according to Treasury figures, fiscal policy is looser this year than at the last forecast.
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