The International Monetary Fund (IMF) has produced another dismal forecast for the UK economy. The IMF expects it to contract by 0.6% in 2023, whereas all other major economies are expected to grow – including sanctions-hit Russia. Meanwhile the Bank of England expects the UK economy will be no larger in 2026 than it was in 2019.
The growth of the economy is a key sign of prosperity, but the most important indicator is the growth of productivity, or output per worker.
