The New American
Britain is poised to face the gloomiest two years of any major industrial nation, with a recession in 2023 and the slowest growth among its peers in 2024, a report from the International Monetary Fund (IMF) asserted.
The country will be the only Group of Seven (G-7) member whose economy will contract this year, shrinking by 0.6 percent, the IMF said.
The Washington-based institution revised its outlook by a considerable 0.9 percentage points from October, stating that higher interest rates and taxes together with government spending restraints will worsen cost-of-living challenges.
This latest IMF forecast reflected the difficulties that Prime Minister Rishi Sunak’s government has to tackle prior to the next election. Yet the Chancellor of the Exchequer Jeremy Hunt opined that the economy is likely to fare better than the IMF posited.
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