UK economy only G7 nation to shrink in 2023-IMF
The UK economy will shrink and perform worse than other advanced economies as the cost of living continues to hit households, the International Monetary Fund (IMF) has said.
The IMF said the economy will contract by 0.6% in 2023, rather than grow slightly as previously predicted. It said its new forecast reflected the UK's high energy prices and financial conditions, such as high inflation. Chancellor Jeremy Hunt said the UK outperformed many forecasts last year. In its World Economic Outlook update, the IMF, which works to stabilise economic growth, said the UK's Gross Domestic Product (GDP) would shrink rather than grow by 0.3% this year.
It predicted the UK would be the only country - across the world's advanced and emerging economies - to suffer a year of declining GDP.
https://www.bbc.com/news/business-64452995