With the war in Ukraine waging on, the recovery of the global economy post-Covid will be ‘severely set back’
The International Monetary Fund warns the violence is driving up prices for food and fuel and this is expected to slow economic growth right around the world.
The United Kingdom will likely be hit the hardest and Britain will no longer be the fastest growing economy in the G7 group of Western nations, in fact it will be the slowest in 2023.
The IMF says price pressures will almost certainly lead to consumers tightening their purse strings, with households cutting spending.
Overall, the UK’s economy is forecast to grow by 3.7 percent this year, a figure which is down from the previous forecast of 4.7 per cent.
But in 2023, the predicted figures are even worse, the UK is expected to have a growth of just 1.2 percent, almost half of the previously expected figure.
As the IMF continues to work closely with nations right around the world to stabilise the global economy, it warns inflation is now a “clear and present danger” in many countries.
