The UK is the Only G7 Country That Will Be in a Recession in 2023
The UK has been having a very rough time of it, especially after the
Brexit fiasco. The once powerful nation is undergoing a period of
serious economic strife, and it is making it fall behind its G7 peers
faster than might have been the case otherwise.
A recent report from the IMF
has revealed that the UK will be the only country out of the entire G7
that will go through a recession in 2023. The economy of the former
colonial power is projected to contract by 0.6%, making it the only G7
member whose economy looks like it is headed in the wrong direction with
all things having been considered and taken into account.
By
comparison, Germany’s GDP will remain more or less static with a growth
rate of 0.1% on the cards. Italy and France are projected to do
marginally better with 0.6% and 0.7% apiece, and the US is looking
forward to a decent year with an estimated GDP growth rate of about
1.4%.
Canada’s sentiments are looking almost identical to that of
the US, with a projected growth rate of 1.5%. Meanwhile, Japan is doing
far better than all of its Western counterparts with its own GDP
estimated to grow by as much as 1.8% in 2023.
With all of that
having been said and now out of the way, it is important to note that
the UK’s economic outlook has worsened since last year. Back in October,
the IMF projected that the UK’s GDP will grow by 0.3% in 2023, but the
new estimates have moved things entirely in the opposite direction.
It
does not look like the UK’s economic woes will be subsiding anytime
soon. This new projections indicate that the UK will be suffering an
even worse economic fate than that of Russia, which is especially
concerning because of the fact that this is the sort of thing that could
potentially end up leaving it further behind. The British people have
been struggling under an uncertain political climate, and these issues
will only serve to further muddy up the waters.