The International Monetary Fund has released its latest economic outlook and the news for the United Kingdom is not good. According to the IMF, the UK is the only G7 nation that is expected to shrink in 2023.
The IMF has revised its global growth forecast, citing improved household spending and a cooling of inflation. The IMF has upgraded its outlook and believes that global economic growth will be stronger than previously expected.
In addition, the IMF believes that inflation is past its peak and is now easing. This is good news for households, as it will mean lower prices for goods and services.
However, the UK is expected to be the only G7 nation in recession this year. The IMF believes that the UK economy will contract in 2023, due to a combination of Brexit uncertainty and the pandemic.
The news comes as a blow to the UK, which was already dealing with the fallout from the pandemic. The UK government has promised to do whatever it can to help the economy recover, but it remains to be seen whether this will be enough to prevent a recession.