The UK will be the only major economy to shrink this year, performing worse even than sanction-hit Russia, the International Monetary Fund (IMF) has warned.
In its latest World Economic Outlook update, the IMF upped its growth outlook for the global economy, but downgraded its UK GDP forecast once again, predicting a contraction of 0.6 percent against the 0.3 percent growth pencilled in last October.
According to this forecast, the UK will be far behind its counterparts in the G-7 group of advanced nations. The IMF’s 2023 GDP predictions show growth of 1.4 percent in the United States, 0.1 percent in Germany, 0.7 percent in France, 0.6 percent in Italy, 1.8 percent in Japan, and 1.5 percent in Canada….