By 2023, the UK will have one of the most inefficient economies in the world, the IMF said.
The UK will be one of the world’s least efficient economies this year. This conclusion was made by experts of the International Monetary Fund.
According to the IMF, the UK economy in 2023 will be the worst among the world’s 20 largest economies among the G20 countries. It is expected to decrease by 0.3% this year and then increase by 1% next year.
The UK economy is affected by high gas prices, rising interest rates and reduced retail sales.
This year, the UK will experience a slowdown and is at the bottom of the G7, the group of the world’s seven largest advanced economies that dominate global trade and the international financial system.
It was previously reported that London for the first time in history lost its sole leadership as the world’s main financial center.
The Bank of England has raised rates 11 times in a row
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.