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UK economy set for steady 2% annual growth until 2038

UK economy set for steady 2% annual growth until 2038

Posted on January 2, 2024

New long-term economic predictions suggest that the British economy is expected to do better than other big global economies for the next 15 years.

The goal is to make the UK's Gross Domestic Product (GDP) closer to Germany's, which is currently the largest in Europe.

With an expected yearly growth of 1.6 to 1.8% until 2038, the UK aims to maintain its position as the sixth-largest economy worldwide.

Due to challenges in the workforce and a slowdown in productivity growth since the 2008 financial crisis, the Bank of England is cautious about the country's economic future.

Certain industries like film production, engineering, design, and communications didn't perform as well in the third quarter compared to what the National Statistical Office estimated.



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