IMF raises global growth forecast but UK set to shrink

Only leading economy

The International Monetary Fund has raised its forecasts for the global economy for 2023, stating that growth has been “surprisingly resilient".

However, it also said the UK is likely to be the only leading economy to head into recession in 2023. The IMF said it expects the global economy to grow 2.9% in 2022, a 0.2 percentage point increase from the last forecast, published in October. It expects growth to "rebound" in 2024 to 3.1%. "Economic growth proved surprisingly resilient in the third quarter of last year, with strong labor markets, robust household consumption and business investment, and better-than-expected adaptation to the energy crisis in Europe," said Pierre-Olivier Gourinchas, the chief economist, in a blog ...