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

28th July 2022

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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%.

After a tentative recovery in 2021, the economic outlook has turned gloomy and uncertain, with the probability of a global recession. The latest #WEO explains the reason behind the downgrade to our growth projections. https://t.co/ldMsaieJUU pic.twitter.com/PbpvScahsN
— IMF (@IMFNews) July 26, 2022

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.

IMF says global economy is edging towards recession https://t.co/UnpZWj5c2e
— Guardian US (@GuardianUS) July 26, 2022

IMF Growth Projections: 2022

USA🇺🇸: 2.3%
Germany🇩🇪: 1.2%
France🇫🇷: 2.3%
Italy🇮🇹: 3.0%
Spain🇪🇸: 4.0%
Japan🇯🇵: 1.7%
UK🇬🇧: 3.2%
Canada🇨🇦: 3.4%
China🇨🇳: 3.3%
India🇮🇳: 7.4%
Russia🇷🇺: -6.0%
Brazil🇧🇷: 1.7%
Mexico🇲🇽: 2.4%
KSA🇸🇦: 7.6%
Nigeria🇳🇬: 3.4%
RSA🇿🇦: 2.3%https://t.co/ldMsaieJUU pic.twitter.com/Ip06Wct3s4
— IMF (@IMFNews) July 26, 2022

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

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