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It will be the only G7 economy to contract in 2023

It will be the only G7 economy to contract in 2023

Britain is the only country in the Group of Seven Economy According to forecasts, it will shrink in 2023, writes A.S Watchman.

Amid mounting political pressure on Rishi Sunak following the dismissal of Conservative Party leader Nazim Zahawi, the Washington-based International Monetary Fund warned on Tuesday that Britain’s economy is expected to contract by 0.6 percent this year, 0.9 percentage point worse than it forecast three months ago. Its economic development is also slower than that of sanctions-hit Russia. According to the International Monetary Fund

While the outlook for all other members of the Group of Seven major industrial nations has improved or remained unchanged since October, rising interest rates and taxes have made the UK’s outlook more bleak.

In addition, Great Britain is the only member of the group of seven most advanced industrial economies (G7) where the employment rate – based on the state of the third quarter of last year – has not reached the level it was at before the coronavirus pandemic.

British Prime Minister Rishi Sunak announced a five-point package of measures at the start of the year, shortly after Liz Truss, who was criticized for her economic policies, took over. The package included halving inflation, kick-starting economic growth, lowering the national debt, shortening waiting lists for the National Health Service (NHS), and stopping illegal boat-crossers from mainland Europe.

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