UK economy to shrink more than Russia, predicts IMF

The forecast leaves the UK economy languishing behind sanctions-hit Russia

Adam Forrest
Political Correspondent
,Thomas Kingsley
Tuesday 31 January 2023 04:15 GMT
Jeremy Hunt rules out tax cuts as he says Brexit will grow economy

Britain’s economy will have the worst performance of all G7 economies even sinking below Russia.

In its latest update, the International Monetary Fund (IMF) downgraded its UK forecast once again, predicting a contraction of 0.6 per cent against the 0.3 per cent growth pencilled in last October.

The grim outlook for the year ahead puts the UK far behind counterparts in the G7 and the only country – across advanced and emerging economies – expected to suffer a year of declining GDP.

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