IMF forecasts 0.3% contraction to UK economy in 2023
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Chancellor Jeremy Hunt’s attempts to boost the UK economy have fallen short, as the IMF predicts a 0.3% contraction in 2023, leaving the UK near the bottom of the global league table.
The UK is expected to miss Mr Hunt’s two main fiscal goals — reducing the public debt level and bring borrowing to below 3% of GDP by 2023 — and perform worse than most other large advanced nations, with the IMF forecasting a 0.4% shrinkage in Q4 2023 compared to Q4 2022.
However, the IMF expects growth of 1% in 2024, increasing to 1.5% by 2028. Despite Mr Hunt’s optimism, the IMF’s outlook remains more cautious than the Office for Budget Responsibility’s projections.
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