Three years after the United Kingdom left the European Union (EU) on January 31, 2020, the debate about the future of British society continues.
The UK economy will contract by 0.6% in 2023, compared with its previous forecast of a slight expansion, the International Monetary Fund (IMF) reported today, making it the only developed country to experience a contraction in that period.
Performance of UK Economy
The performance of the UK economy will be lower than that of other advanced countries, including Russia, affected by sanctions, but which is expected to grow this year.
The IMF explained that the UK economy will be affected by high energy costs, increases in mortgage loans and taxes, as well as the persistent shortage of workers.
The IMF’s chief economist, Pierre-Olivier Gourinchas, told the BBC the UK had “one of the strongest growth numbers in Europe” last year.
Gourinchas added that the UK government’s plans set out in the November budget show that they are “trying to carefully navigate these different challenges and we believe they are on the right track.”
Meanwhile, the IMF expects UK growth to accelerate to an annual rate of 3.7% in 2024.
This would be much higher than the other major countries in the Eurozone, where average annual growth of 2.7% is expected.
Three years after the United Kingdom left the European Union (EU) on January 31, 2020, the debate on the future of British society continues as the government tries to continue with its plans for economic growth after the impact of the Brexit and the pandemic.
This article is originally published on memo.com.ar