UK only major economy to shrink, warns IMF

The UK is on course to be the world’s worst-performing big economy this year, according to the International Monetary Fund. It is also the only major economy expected to slide into recession. In an update to its growth outlook, the IMF handed out a 0.9 percentage point downgrade to the UK’s annual growth projection. Having previously predicted growth of 0.2% in October, it has now said the UK economy will contract by 0.6% in 2023, which would make Britain the slowest-growing big economy in the world. The Russian economy is expected to grow by 0.3% this year after a 2.2% contraction in 2022. The Times (£)The FT (£)The Guardian