UK Economy Forecasted to Grow by 0.8% in 2024 After 2023 Recession, Says Finance Minister

UK Economy Forecasted to Grow by 0.8% in 2024 After 2023 Recession
Credit: REUTERS/Hannah McKay

Britain’s economy is projected to grow by 0.8% this year after entering a recession in the latter half of 2023, Finance Minister Jeremy Hunt announced on Wednesday, citing the latest forecasts from the Office for Budget Responsibility (OBR).

This new growth figure compares to a previous OBR forecast of a 0.7% expansion in 2024, as published in November. The OBR now projects economic output to increase by 1.9% in 2025 and 2.0% in 2026, according to Hunt’s budget statement delivered to Parliament.

These forecasts represent a slight improvement over the OBR’s earlier expectations of 1.4% growth in 2025 and 2.0% in 2026.

Federica Calabrò

Federica Calabrò is a journalist at Parliament News, She is covering Business and General World News. She is a native of Naples, commenced her career as a teller at Poste Italiane before following her passion for dance. Graduating in classical dance, she showcased her talents with two entertainment companies, enchanting audiences throughout Italy. Presently, Federica serves as the general secretary at the Allianz Bank Financial Advisors financial promotion center in Naples. In this capacity, she manages office forms, provides document assistance for Financial Advisors, oversees paperwork for the back office, and ensures smooth customer reception and assistance at the front office. Outside her professional obligations, Federica indulges in her passion for writing in her leisure time.