The IMF had already forecast that the U.K. would experience a downturn this year

The U.K. is set to be one of the worst-performing major economies in the world this year.

The International Monetary Fund says among the G20, which includes sanctions-hit Russia, the U.K. economy will perform the worst.

The IMF predicts the country’s economy will shrink this year.

It also warned of a “rocky road” for the global financial system.

The IMF had already forecast that the U.K. would experience a downturn this year.

It also predicted it would be at the bottom of the pile of the G7 – a group of the world’s seven largest so-called “advanced” economies.

The G7 dominate global trade and the international financial system.

The U.K. topped the group in 2022 during the pandemic rebound.

The IMF now expects the UK economy to shrink by 0.3% in 2023 and then grow by one per cent next year.