Thinktank forecasts UK growth to slow to standstill in 2023, as impact of conflict felt
Britain’s economy is forecast to slow to a standstill next year as it suffers more than any other major industrial country from the effects of Russia’s invasion ofThe UK will grow by 3.6% in 2022 before posting zero growth in 2023, according to the Paris-based thinktank the Organisation for Economic Co-Operation and Development , with inflation expected to average 8.8% this year and fall only slightly to 7.4% in 2023.
A UK Treasury spokesperson said: “Thanks to the support we provided during the pandemic, the UK had the fastest growth in the G7 last year, and our unemployment rate is the lowest it’s been in nearly 50 years. But we recognise many people will be concerned by these forecasts. Boone said the world economy was paying a “hefty price” for Russia’s invasion. “A humanitarian crisis is unfolding before our eyes, leaving thousands dead, forcing millions of refugees to flee their homes and threatening an economic recovery that was under way after two years of the pandemic,” she said.
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