There is bad news for the world economy but it is even bleaker for the UK. Our economy is expected to shrink this year and will be at the back of the leading G7 countries, the International Monetary Fund has warned.
Emphasising the growing risks of a hard landing for developed countries, the Washington-based body singled out the UK and the euro area as being particularly affected by rising energy costs and higher inflation.
The IMF slightly revised up its estimate of UK growth this year from the -0.6% pencilled in three months ago but still expected the economy to contract by 0.3%.
Adam Bienkov shared this graph and wrote: “The UK is now set to perform worse than any other major economy this year, according to the IMF, with even sanctions-hit Russia set to do better.”
Here it is in another format!
Sanctions-hit Russian economy set to perform better than UK in both 2023 & 2024, says IMF