• 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.

  • Posted on 2022/11/28