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UK economy to see the fastest drop of 0.4% in 2023 due to worker shortages, among G7 countries
Posted on November 28, 2022 |
- UK's economy is expected to downgrade by 0.4% in 2023 and grow by 0.2% in 2024 more than the world's most advanced 7 nations (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States).
- Germany is the only other G7 country that will see a contraction in the gross domestic product (GDP) next year, with a 0.3% drop.
- Italy will see minor growth of 0.2%, while America will gain 0.5% growth, in France, GDP is set to grow by 0.6% and 1% in Canada, and 1.8% in Japan.
- In October, UK inflation hit a 41-year high of 11.1%, which is expected to peak at the end of 2022.
- It will remain above 9% into early 2023, before slowing to 4.5% by next year-end and to 2.7% by the end of 2024.
- UK interest rates grow further from 3% to 4.5% by April next year, while unemployment will soar from 3.6% to 5% by the end of 2024.