The UK will avoid a recession this year, according to the IMF, which added that the country’s economy has been “buoyed by resilient demand in the context of declining energy prices.”<\/p>\n\n\n\n
The Washington-based think tank now predicts UK GDP to expand 0.4% in 2023, owing to higher wage growth, more supportive fiscal policies, and a reduction in global energy costs and supply chain disruptions.<\/p>\n\n\n\n
The fund anticipates 1% growth in 2024 and 2% growth on average in 2025 and 2026.<\/p>\n\n\n\n
The IMF forecasted in January that the UK GDP will contract by 0.5% between the fourth quarter of 2022 and the fourth quarter of current year.<\/p>\n\n\n\n
Despite the gain, the fund warned that Britain risks being trapped in a cycle of persistent inflation unless interest rates are raised.<\/p>\n\n\n\n
\u201cEconomic activity has slowed significantly from last year and inflation remains stubbornly high,\u201d the fund said.<\/p>\n\n\n\n
It added: \u201cThe outlook for growth, while improving somewhat in recent months, remains subdued.\u201d<\/p>\n\n\n\n
Chancellor Jeremy Hunt said: \u201cToday’s IMF report shows a big upgrade to the UK’s growth forecast and credits our action to restore stability and tame inflation.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The UK will avoid a recession this year, according to the IMF, which added that the country’s economy has been “buoyed by resilient demand in the context of declining energy prices.” The Washington-based think tank now predicts UK GDP to expand 0.4% in 2023, owing to higher wage growth, more supportive fiscal policies, and a …<\/p>\n","protected":false},"author":9,"featured_media":35095,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[6940,6835],"class_list":["post-84369","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-house-prices","tag-uk"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=84369"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84369\/revisions"}],"predecessor-version":[{"id":84370,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84369\/revisions\/84370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/35095"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=84369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=84369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=84369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}