The International Monetary Fund has warned that the United Kingdom is bracing for the slowest growth of the richest G7 economies next year, 2023.
The Fund had expected growth in the United Kingdom to decline by 0.5% in 2023, well below its April forecast of 1.2%, indicating a contraction in the global economy for the first time since 2020 due to the war in Ukraine and the coronavirus. virus.
“With growth stalled in the UK, US, China and Europe, the world could soon be on the brink of a global recession,” he said as the fund lowered its 2022 global growth forecast to 3.2%.
In turn, a representative of the British Treasury said in a statement: “We know that people are feeling the impact of higher prices caused by global economic factors”, noting that “the assistance provided to families also includes 400 pounds of electricity bills, as well as in the form of personal tax cuts of up to £330 a year.
Source: BBC