The UK economy is in dire straits and might even be outperformed by sanction-hit Russia, the International Monetary Fund (IMF) warned in its latest outlook.
According to the IMF, in 2023, the British economy will face much tougher problems than other countries. Its forecast for the UK was the worst among major Western countries.
Analysts said that the ongoing economic policy pursued by the British government often missed the target. In addition, they noted a shortage of skilled workers, as well as rising energy bills and food prices. The economic outlook for the UK has also been exacerbated by higher taxes and mortgage rates.
Preliminary estimates suggest that the British economy will fall by more than 0.5% this year. The IMF believes that the UK would soon fall into recession, which would have numerous negative consequences. As a result, the situation in the United Kingdom may be worse than in sanction-hit Russia, Rachel Reeves, Shadow Chancellor of the Exchequer, pointed out.
