LBCI

IMF says UK no longer heading for a recession in 2023

World

23-05-2023 | 03:33

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

US issues "Do Not Travel" advisories for 21 countries, including Lebanon

2026-02-11

US issues "Do Not Travel" advisories for 21 countries, including Lebanon

Iran says no unauthorised vessels transited Strait of Hormuz overnight after navigation aids destroyed

Middle East News

2026-11-09

Iran says no unauthorised vessels transited Strait of Hormuz overnight after navigation aids destroyed

Aoun in Paris: Lebanon has chosen the state, now it needs international support

2026-09-17

Aoun in Paris: Lebanon has chosen the state, now it needs international support

Lebanese source to Al Jazeera: Rome talks reach agreement on two pilot zones in South Lebanon

2026-07-15

Lebanese source to Al Jazeera: Rome talks reach agreement on two pilot zones in South Lebanon

Videos

Exclusive LBCI interview: UN official optimistic about UNIFIL’s future — video

News Bulletin Reports

2026-10-15

Exclusive LBCI interview: UN official optimistic about UNIFIL’s future — video

US on Hezbollah funding and Lebanon’s reconstruction: What did Tommy Pigott tell LBCI? Watch the interview

News Bulletin Reports

2026-10-09

US on Hezbollah funding and Lebanon’s reconstruction: What did Tommy Pigott tell LBCI? Watch the interview

Kaja Kallas tells LBCI about Europe’s planned mission in Lebanon — interview

News Bulletin Reports

2026-10-08

Kaja Kallas tells LBCI about Europe’s planned mission in Lebanon — interview

Heavy rain and flooding hit Lebanon’s Zahle region: Footage

2026-09-18

Heavy rain and flooding hit Lebanon’s Zahle region: Footage

Aoun arrives at Élysée Palace for meeting with Macron—Video

2026-09-17

Aoun arrives at Élysée Palace for meeting with Macron—Video

Lebanon-Israel talks: delegations arrive at US Embassy in Rome — Video

2026-08-06

Lebanon-Israel talks: delegations arrive at US Embassy in Rome — Video

Residents begin returning to Zawtar el-Gharbiyeh, southern Lebanon: Video

2026-07-24

Residents begin returning to Zawtar el-Gharbiyeh, southern Lebanon: Video

Slotkin to LBCI: Lebanese army needs resources to confront Hezbollah, $36 million request submitted for special forces

2026-07-20

Slotkin to LBCI: Lebanese army needs resources to confront Hezbollah, $36 million request submitted for special forces

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

2026-06-26

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

Most read

24 hours

7 days

Month

US Ambassador to UN Mike Waltz to visit Lebanon next week: LBCI sources

1

US Ambassador to UN Mike Waltz to visit Lebanon next week: LBCI sources

Lebanon-Syria border crossing reopens after Israeli strikes as both countries seek stronger economic ties

2

Lebanon-Syria border crossing reopens after Israeli strikes as both countries seek stronger economic ties

Drone activity reported over Beirut’s southern suburbs

3

Drone activity reported over Beirut’s southern suburbs

IMF delegation arrives in Lebanon for key talks on banking reforms and deposit recovery

4

IMF delegation arrives in Lebanon for key talks on banking reforms and deposit recovery

Lebanese banks refuse to pay tax on Eurobonds, lawyer says

5

Lebanese banks refuse to pay tax on Eurobonds, lawyer says

Israel faces growing security concerns over Iran and Gaza as Eisenkot seeks to form government: The details

6

Israel faces growing security concerns over Iran and Gaza as Eisenkot seeks to form government: The details

Lebanon and Qatar advance talks on electricity supplies

7

Lebanon and Qatar advance talks on electricity supplies

Fuel prices change across Lebanon

8

Fuel prices change across Lebanon

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