The UK is expected to avoid a recession in 2023. The International Monetary Fund said in its report on Britain’s economy.
London will maintain positive growth during a crisis-ridden 2023, and resilient demand in the midst of low energy prices has encouraged positive expectations even if they are weak. The report added.
The IMF confirms that the UK’s GDP is likely to grow by 1% in 2024, and then by about 2% in 2025 and 2026.
Inflation in Britain stood at 10.1% in evidence that Britain’s economy had experienced a significant slowdown compared to last year.
The volume of inflation is still resisting the UK’s efforts to control it, given the difficulty of containing the effects of the Russian-Ukrainian war added to the supply crises that have accumulated since the coronavirus pandemic.
The task is far from over on inflation and improving growth. UK Finance Minister Jeremy Hunt confirmed what was already known. Pointing out that inflation and growth pose global challenges, not only for Britain.
Hunt considered that the IMF report on Britain is evidence that the government is doing what it has to do with the British economy.