According to the IMF, the UK could be one of the world's worst fairing economies this year and may even fall behind sanction-ridden Russia.
The IMF believes the UK economy will shrink by 0.3% this year, before growing by 1% in 2024.The IMF’s prediction is an improvement on its previous forecast, when it predicted the UK economy would shrink by 0.6% in 2023.: ‘Our IMF growth forecasts have been upgraded by more than any other G7 country.
Germany’s economy is predicted to shrink by 0.1% in 2023, Chile’s could contract by 1.0%, Estonia’s could shrink by 1.2%, and Sri Lanka’s could shrink by 3.0%.
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