The UK's economic growth is slowing further due to rampant inflation and it is set to be the weakest economy among the G7 nations next year, the International Monetary Fund (IMF) has warned. It came as the IMF warned that stalling growth across the world means it could be "teetering on the edge of a global recession".
In its latest World Economic Outlook update, the body downgraded its UK growth forecast for 2022 to 3.2%, from 3.7% in April. This had already been a downgrade from 4.7% at the start of the year.
The outlook for the UK is expected to become even more gloomy in 2023, with the IMF cutting its forecast for next year to 0.5% growth from a previous 1.2% estimate. In 2023, the UK is projected to have the weakest growth of the world's biggest economies, excluding Russia.
