IMF reviews down UK economic growth forecasts for 2023

The International Monetary Fund (IMF) has updated its economic predictions for Germany and the UK, suggesting a more pronounced recession for both nations in 2023. The IMF's recent forecast suggests the UK's GDP will achieve a 0.5% growth in 2023. This marks a slight increase of 0.1 percentage points from their July predictions. Nonetheless, expectations for the subsequent year indicate a dip by 0.4 percentage points, setting growth at 0.6%. This downtrend in growth can be attributed to strict monetary measures aimed at controlling persisting inflation and the ongoing effects of high energy price-driven trade shocks, as explained by the IMF.