IMF warns world may soon be 'teetering on the edge of recession'

UK GDP growth set for 0.5% in 2023

Elliot Gulliver-Needham
clock • 1 min read

The UK is set to experience the slowest GDP growth of any G7 economy next year, the International Monetary Fund said, as it warned that the world "may soon be teetering on the edge of a global recession".

The international body slashed global growth projections while raising inflation expectations in its latest forecast, bringing global GDP growth estimates to 3.2% in 2022 and 2.9% in 2023. "The global economy, still reeling from the pandemic and Russia's invasion of Ukraine, is facing an increasingly gloomy and uncertain outlook," said IMF economist Pierre-Olivier Gourinchas. "The outlook has darkened significantly" since the previous forecast in April, he added. The UK is forecast to grow by 3.2% this year and just 0.5% in 2023, with growth expectedly to slow down sharply in the s...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Markets

Market Movers: Could Rachel Reeves have the Kwarteng mini-Budget market effect?

Market Movers: Could Rachel Reeves have the Kwarteng mini-Budget market effect?

Markets prompted to rule out two interest rate cuts this year and gilt yields climb

Professional Adviser
clock 01 November 2024 • 1 min read
Bank of England holds rates at 5.25% in final pre-election decision

Bank of England holds rates at 5.25% in final pre-election decision

'The MPC would not want to be perceived as politicking'

Cristian Angeloni
clock 20 June 2024 • 1 min read
Inflation officially back to Bank of England's target level of 2%

Inflation officially back to Bank of England's target level of 2%

Data shows a 2% year-on-year fall ‘in line with consensus expectations’

Hope Coumbe
clock 19 June 2024 • 2 min read