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.