Brits are set for more misery this year as the economy will slam into reverse and it will see the worst performance of all the advanced nations, the International Monetary Fund (IMF) has warned.
In its latest World Economic Outlook update, the IMF downgraded its UK gross domestic product (GDP) forecast once again, predicting a contraction of 0.6% against the 0.3% growth pencilled in last October as Britain looks set to suffer more than most from soaring inflation and higher interest rates.
But it nudged up its outlook for UK growth in 2024 to 0.9%, up from the 0.6% expansion previously forecast.
