UK likely to be the only leading economy to head into recession

The International Monetary Fund has published its latest forecasts for 2023

clock • 1 min read

The International Monetary Fund has said the UK is likely to be the only leading economy to head into recession in 2023.

However, it also raised its forecasts for the global economy for 2023, stating that growth has been "surprisingly resilient". The IMF said it expects the global economy to grow 2.9% in 2022, a 0.2 percentage point increase from the last forecast, published in October. It expects growth to "rebound" in 2024 to 3.1%. While the January update proved positive for most economies, the UK was singled out, with the fund saying it will shrink and perform worse than other advanced economies. The IMF predicted the UK will contract by 0.6% in 2023, a 0.9 percentage point drop from Oct...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Markets

UK inflation dips but chancellor warns 'fight is far from over'

UK inflation dips but chancellor warns 'fight is far from over'

85% of financial advisers are worried about rising overhead costs

Eve Maddock-Jones
clock 15 February 2023 • 2 min read
UK just avoids recession as 'flatlining' economy raises concerns

UK just avoids recession as 'flatlining' economy raises concerns

GDP fell by 0.5% in December after a turbulent year in 2022

Eve Maddock-Jones
clock 10 February 2023 • 2 min read
A look at the threat of recession looming over markets in 2023

A look at the threat of recession looming over markets in 2023

Breaking down a world stuck between inflation and recession

Elliot Gulliver-Needham
clock 21 December 2022 • 4 min read