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27 July 2022

UK set for slowest economic growth in the G7 next year

The British economy will grow just 0.5 per cent next year according to the IMF’s latest forecast.

By Katharine Swindells

The British economy is set to grow more slowly than any other in the G7 next year, according to the latest projections from the International Monetary Fund. In April the IMF estimated that the UK’s 2023 GDP growth would be 1.2 per cent but its latest outlook revises that down to 0.5 per cent. All of the G7 member states have had their 2023 growth projections revised downwards, with Germany seeing the largest decrease.

The UK’s projected growth for 2022 has also been revised down to 3.2 per cent, alongside the rest of the G7 except for Italy, whose 2022 outlook has improved slightly.

The IMF says that “increasingly gloomy developments” this year have hindered the post-pandemic recovery, including the war in Ukraine, the economic slowdown in China due to coronavirus outbreaks, and the high inflation experienced across the West.

“The outlook has darkened significantly since April,” writes the IMF's chief economist, Pierre-Olivier Gourinchas. “The world may soon be teetering on the edge of a global recession, only two years after the last one. Multilateral cooperation will be key in many areas, from climate transition and pandemic preparedness to food security and debt distress.”

[See also: Why an end to economic growth is inevitable]

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