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The National (Scotland)
The National (Scotland)
National
Adam Robertson

'Broken Brexit Britain': UK economy to be beat by Russia in dismal forecast

G7 Economy Bank of England Hunt Russia

THE UK economy is set to shrink and perform worse than other major industrialised economies, including Russia, as the cost of living continues to hit households, the International Monetary Fund (IMF) has said.

The IMF has said the economy will contract by 0.6% in 2023, rather than grow slightly as was previously predicted.

The IMF works to stabilise economic growth and said that its new forecast reflected the UK’s high energy prices and factors such as high inflation.

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