UK to see weakest economic growth across the G7 next year- IMF

Posted on October 16, 2023   |  

The IMF has slightly adjusted its UK economic growth forecast this year, raising it from 0.4% to 0.5%. 

However, there is a downgrade for 2024, dropping from 1% to 0.6%.

The UK is expected to have the slowest economic growth among G7 countries in 2024, with Canada projected to have the strongest growth at 1.6%.

Global economic challenges persist, with inflation and higher borrowing costs impacting the world's economy.

The IMF's latest forecast indicates a 3% global economic growth for this year, with a slightly reduced 2.9% for the following year.

The 2023 forecast remains unchanged from the previous July estimate, but there is a slight 0.1% decline in the 2024 prediction.

In the UK, inflation is projected to reach 7.7% this year, with a notable slowdown to 3.7% in the following year.