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IMF predicts UK to be the slowest-growing G7 economy in 2023

Graham Watson

28th July 2022

The IMF - not always correct - has identified that the UK economy is going to be the slowest growing of all G7 economies in 2023, cutting its previous 1.2% forecast to 0.5%.

However, the overall forecast for the global economy is increasingly pessimistic, with global growth forecast for 2022 to be 3.2% and an increased risk of a global recession.

The latest CBI survey of Industrial Trends suggests only one direction of travel - a slowing of the UK economy - as supply bottlenecks, cost pressures and slowing consumer demand all play their part.

The latest retail sales figures don't make for happy reading - consumers have cut back on spending on fuel and clothing - even though the overall trend is marginally upwards.

However, the broad picture is still one of extreme uncertainty and some see retail sales as weakening.

Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to tutor2u, reads voraciously and is interested in all aspects of Teaching and Learning.

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