World

IMF says UK to be one of worst performing economies in 2023

The UK is set to be one of the worst performing major economies in the world this year, according to a forecast.

 

The International Monetary Fund (IMF) says the UK economy’s performance in 2023 will be the worst among the 20 biggest economies, known as the G20, which includes sanctions-hit Russia.

 

It predicts the UK economy will shrink by 0.3% in 2023 and then grow by 1% next year.

 

The IMF also warned of a “rocky road” for the global financial system.

 

It follows the collapse of two US banks last month, closely followed by a rushed takeover of Swiss banking giant Credit Suisse by its rival UBS, which sparked fears of another financial crisis.

 

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