The UK’s output is expected to contract by 0.3 per cent this year before rebounding to grow by 1 per cent next year, IMF economists said.
The prediction puts Britain firmly at the bottom of the G7 group of economically advanced nations. It is the only country except Germany that is forecast to see a decline, while many non-G7 countries, including emerging and developing nations, are “already powering ahead”.
The fallout from Brexit, exacerbated by the economic missteps of former prime minister Liz Truss, has been blamed for Britain’s especially poor performance. Paul Johnson, from the Institute of Fiscal Studies (IMF), said Brexit was “clearly a big issue”.
The IMF also trimmed its worldwide growth outlook for this year, warning that factors such as stubbornly high inflation and disruption within the financial sector could slash output to near recession levels. “With the recent increase in financial market volatility, the fog around the world economic outlook has thickened,” it said. “Uncertainty is high and the balance of risks has shifted firmly to the downside so long as the financial sector remains unsettled.”
It singled out the UK and parts of Europe as being likely to face an economic struggle over the coming years. “Notably, emerging market and developing economies are already powering ahead in many cases, with growth rates jumping from 2.8 per cent in 2022 to 4.5 per cent this year,” the IMF said.
In 2024, Britain will finally see its output rise to 1 per cent, which puts the country level with Japan but slightly ahead of Italy. Inflation is expected to fall from 9.1 per cent last year to 6.8 per cent this year, and further to 3 per cent in 2024, according to the analysis.
この記事は The Independent の April 12, 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は The Independent の April 12, 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
No title until Reds become road warriors, warns Slot
Liverpool boss says team must match away form of rivals
United stuck in 'purgatory' and facing only one way out
When one prominent football figure caught a glimpse of the Manchester United dressing room recently, they immediately recognised a scene they had seen from rival clubs. That was a squad that \"doesn't know what next\" and feels like it's \"going nowhere\". It isn't intentional, of course, but is a feeling that starts to grip a group when there's no sense of clarity.
Fifa transfer rules 'contrary to EU law', Diarra case finds
Fifa will have to update key paragraphs of its transfer rules to ensure punishment of players for breaking contracts is less draconian, after a European Court of Justice ruling on the Lassana Diarra case.
Marital rape is not rape, argues Indian government
The Indian government has opposed calls to classify consensual sexual acts committed by a husband against his wife as \"rape\", saying that to do so could have an impact on conjugal relationships and disturb the institution of marriage.
Screaming statue tribute to doctor raped and killed in India causes controversy
A bust installed outside a state-run hospital in India where a resident doctor was raped and killed has sparked anger and shock as it depicts a woman screaming in agony, her head thrown back and eyes wide open.
Haitian gang shoots at least 70 people in town rampage
Gang members brandishing automatic rifles have stormed through a town in Haiti's main breadbasket region, killing at least 70 people and forcing another 3,000 to flee.
Beirut hit again by Israel as Iran vows not to back down
Israeli military claims strikes targeted new Hezbollah leaders
Police officers win appeal in athlete stop and search case
Two former Metropolitan Police officers have been handed their jobs back after winning an appeal against a ruling that they had lied about a stop and search incident involving British athlete Bianca Williams.
Royal Navy chief apologises for submarine service abuse
The head of the Royal Navy has apologised after an investigation found \"misogyny, bullying and other unacceptable behaviours\" in the submarine service.
Women say gender equality in the workplace has stalled
Gender equality in the workplace has stalled as women report experiencing many of the same challenges as they did nearly 30 years ago, a new survey of high-flyers suggests.