The performance will also be worse than the Russian economy, which is expected to contract by 0.3% in the year
London, Thanasis Gavos
The British economy will have the worst performance in the developed world this year with a contraction of 0.6%, according to the IMF report, which generally predicts positive growth rates for the rest of the countries.
The performance will be worse than the Russian economy, which is expected to shrink by 0.3% within the year.
Despite this, the Fund comments that the UK economy is now “on the right track” and attributes the downgrade from the previous positive forecast to high energy prices, rising mortgage costs, increased taxes and labor shortages.
On the day that marks three years since the implementation of Brexit, Britain’s exit from the EU is not cited by the IMF as a factor weighing on the outlook for economic growth.
In 2024 a positive growth rate is forecast for the UK, at 0.9% from 0.6% previously forecast.
Finance Minister Jeremy Hunt hit back by saying the data showed the country was not immune to the pressures affecting almost all developed economies. He noted, however, that the British economy performed better last year than expected.
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With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
