The UK economy will shrink and perform worse than other advanced economies as the cost of living continues to hit households, the International Monetary Fund (IMF) has said. The IMF said the economy will contract by 0.6% in 2023, rather than grow slightly as previously predicted. However, the IMF said in 2024 it expected UK growth to be 0.9%, up from 0.6% previously. The IMF did not mention Brexit in its report as a factor for the UK not performing as well as others. Overall, the IMF estimated global inflation passed its peak and will fall from 8.8% last year to 6.6% in 2023 and 4.3% in 2024.

Source: Daily Nation January 31, 2023 05:41 UTC