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UK to Be Only G-7 Economy in Recession This Year, IMF Says

  • Bleak outlook sees growth of just 0.3% before next election
  • Higher rates and tighter fiscal policy blamed for slump
Updated on

Britain faces the bleakest two years of any major industrial nation with a recession in 2023 and the slowest growth of peers in 2024, the International Monetary Fund predicts.

The UK will be the only Group of Seven member whose economy will shrink this year, with a contraction of 0.6%, the IMF said. That makes Britain’s outlook even worse than sanctions-hit Russia, which is expected to expand by 0.3% after contracting 2.2% in 2022.