The UK has been having a very rough time of it, especially after the Brexit fiasco. The once powerful nation is undergoing a period of serious economic strife, and it is making it fall behind its G7 peers faster than might have been the case otherwise.
A recent report from the IMF has revealed that the UK will be the only country out of the entire G7 that will go through a recession in 2023. The economy of the former colonial power is projected to contract by 0.6%, making it the only G7 member whose economy looks like it is headed in the wrong direction with all things having been considered and taken into account.
By comparison, Germany’s GDP will remain more or less static with a growth rate of 0.1% on the cards. Italy and France are projected to do marginally better with 0.6% and 0.7% apiece, and the US is looking forward to a decent year with an estimated GDP growth rate of about 1.4%.
Canada’s sentiments are looking almost identical to that of the US, with a projected growth rate of 1.5%. Meanwhile, Japan is doing far better than all of its Western counterparts with its own GDP estimated to grow by as much as 1.8% in 2023.
With all of that having been said and now out of the way, it is important to note that the UK’s economic outlook has worsened since last year. Back in October, the IMF projected that the UK’s GDP will grow by 0.3% in 2023, but the new estimates have moved things entirely in the opposite direction.
It does not look like the UK’s economic woes will be subsiding anytime soon. This new projections indicate that the UK will be suffering an even worse economic fate than that of Russia, which is especially concerning because of the fact that this is the sort of thing that could potentially end up leaving it further behind. The British people have been struggling under an uncertain political climate, and these issues will only serve to further muddy up the waters.
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A recent report from the IMF has revealed that the UK will be the only country out of the entire G7 that will go through a recession in 2023. The economy of the former colonial power is projected to contract by 0.6%, making it the only G7 member whose economy looks like it is headed in the wrong direction with all things having been considered and taken into account.
By comparison, Germany’s GDP will remain more or less static with a growth rate of 0.1% on the cards. Italy and France are projected to do marginally better with 0.6% and 0.7% apiece, and the US is looking forward to a decent year with an estimated GDP growth rate of about 1.4%.
Canada’s sentiments are looking almost identical to that of the US, with a projected growth rate of 1.5%. Meanwhile, Japan is doing far better than all of its Western counterparts with its own GDP estimated to grow by as much as 1.8% in 2023.
With all of that having been said and now out of the way, it is important to note that the UK’s economic outlook has worsened since last year. Back in October, the IMF projected that the UK’s GDP will grow by 0.3% in 2023, but the new estimates have moved things entirely in the opposite direction.
It does not look like the UK’s economic woes will be subsiding anytime soon. This new projections indicate that the UK will be suffering an even worse economic fate than that of Russia, which is especially concerning because of the fact that this is the sort of thing that could potentially end up leaving it further behind. The British people have been struggling under an uncertain political climate, and these issues will only serve to further muddy up the waters.
Read next: The most loved (and hated) cryptocurrency in every country
