LBCI

IMF says UK no longer heading for a recession in 2023

World

23-05-2023 | 04:33

Share

Share

IMF says UK no longer heading for a recession in 2023

2^min

The International Monetary Fund said on Tuesday that it no longer expects Britain's economy will fall into a recession this year, upgrading forecasts that it published last month, but it also warned that the outlook remains subdued.

The IMF said British gross domestic product was set to grow by 0.4 percent in 2023. In April, it forecast a contraction of 0.3 percent.

The Fund said the improved outlook reflected the unexpected resilience of demand, helped in part by faster than usual pay growth, the fall in soaring energy costs, improved business confidence and the normalization of global supply chains.

"Declining energy prices and widening economic slack are expected to substantially reduce inflation to around 5 percent y/y by end-2023, and below the 2 percent target by mid-2025," the IMF said.

The IMF forecast economic growth of 1 percent in 2024 and 2 percent in 2025 and 2026 before settling back to a long-run rate of around 1.5 percent.

Greater persistence in inflation and accompanying unsustainable increases in wages were the biggest threat to Britain's economic outlook, the IMF added.

The Bank of England would need to ensure monetary policy remained tight, the IMF said.

"This said, elevated uncertainty about the macroeconomic outlook and inflation persistence merits continuous review of the pace and magnitude of monetary tightening," it added.

IMF

International Monetary Fund

UK

No Longer

Recession

2023

Subscribe to our VOD

SUBSCRIBE

Our visitors readings

Six years on, Lebanon’s banking crisis deepens without legislative solution

News Bulletin Reports

13:03

Six years on, Lebanon’s banking crisis deepens without legislative solution

Pope Leo XIV's inauguration mass begins in St Peter's Square

2025-05-18

Pope Leo XIV's inauguration mass begins in St Peter's Square

Banking secrecy amendment boosts Lebanon’s reform credibility — will donors see it as real change?

News Bulletin Reports

2025-04-25

Banking secrecy amendment boosts Lebanon’s reform credibility — will donors see it as real change?

From nuclear sites to regime change: Israel expands its war objectives in Iran

News Bulletin Reports

2025-06-23

From nuclear sites to regime change: Israel expands its war objectives in Iran

Videos

Massive fire erupts at unregulated dumpsite in Bchannine, Zgharta district

2025-07-01

Massive fire erupts at unregulated dumpsite in Bchannine, Zgharta district

Clash between Lebanese Army and residents of Deir Qanoun Al Nahr results in injuries (Video)

2025-06-10

Clash between Lebanese Army and residents of Deir Qanoun Al Nahr results in injuries (Video)

Mexico dedicates garden around Lebanese Emigrant Statue in Beirut to mark 80 years of diplomatic ties

2025-06-04

Mexico dedicates garden around Lebanese Emigrant Statue in Beirut to mark 80 years of diplomatic ties

President Aoun to seek Egyptian support for Lebanese Army in detecting explosives and tunnels

2025-05-19

President Aoun to seek Egyptian support for Lebanese Army in detecting explosives and tunnels

LBCI Exclusive: US steps up pressure on Hezbollah, Morgan Ortagus details sanctions and vision for Lebanon's future

2025-05-15

LBCI Exclusive: US steps up pressure on Hezbollah, Morgan Ortagus details sanctions and vision for Lebanon's future

Kuwait rolls out official welcome for Lebanon's President Aoun – video

2025-05-11

Kuwait rolls out official welcome for Lebanon's President Aoun – video

Security incidents temporarily disrupt voting in several Akkar and Minieh-Danniyeh centers

2025-05-11

Security incidents temporarily disrupt voting in several Akkar and Minieh-Danniyeh centers

EU ambassador says 'we are not just donors, but genuine partners to Lebanon': Insights from exclusive LBCI interview

News Bulletin Reports

2025-05-09

EU ambassador says 'we are not just donors, but genuine partners to Lebanon': Insights from exclusive LBCI interview

US envoy Morgan Ortagus hails Lebanese diaspora, says country stands at a crossroads

2025-04-23

US envoy Morgan Ortagus hails Lebanese diaspora, says country stands at a crossroads

Most read

24 hours

7 days

Month

Casino du Liban director Roland Khoury detained in BetArabia investigation: Sources to LBCI

1

Casino du Liban director Roland Khoury detained in BetArabia investigation: Sources to LBCI

New normalization push could reshape the Middle East—with Syria and Lebanon on the radar

2

New normalization push could reshape the Middle East—with Syria and Lebanon on the radar

Lebanon’s banking association welcomes central bank decision enforcing equal treatment of depositors

3

Lebanon’s banking association welcomes central bank decision enforcing equal treatment of depositors

Israeli profiles surface on Lebanese dating apps — real risk or random match?

4

Israeli profiles surface on Lebanese dating apps — real risk or random match?

Six years on, Lebanon’s banking crisis deepens without legislative solution

5

Six years on, Lebanon’s banking crisis deepens without legislative solution

Avichay Adraee: Special operation in southern Syria targets Iran-linked cell, weapons seized

6

Avichay Adraee: Special operation in southern Syria targets Iran-linked cell, weapons seized

Two million vehicles uninspected — what’s blocking Lebanon’s inspection system?

7

Two million vehicles uninspected — what’s blocking Lebanon’s inspection system?

MEA adjusts flight schedule for July 5–6-7 due to operational reasons

8

MEA adjusts flight schedule for July 5–6-7 due to operational reasons

Download now the LBCI mobile app

To see the latest news, the latest daily programs in Lebanon and the world

Google Play

App Store

Download now the LBCI mobile app

We use
cookies

We use cookies to make
your experience on this
website better.

Accept

Learn More