Why is the UK economy shrinking? 🔎 SerinaSandhu1 explores how the IMF has explained contraction as UK performs below G7 countries
With homeowners paying more interest on mortgages and other debt, they have reduced spending significantly.
“We feel that economic uncertainty could continue to cause underperformance. Conversely, the settling of post-Brexit disputes and the quick training of incoming workers to reduce labour shortages could lead to a materially brighter outlook for the British economy.”Canada is expected to grow 1.5 per cent this year and next year.
In 2021, Canada’s government effective score was 1.6, compared to 1.3 for the UK, France, Germany and the US. Japan scored 1.4 and Italy 0.4. “We’ve heard quite a lot about the fact that we’ve lost half a million plus people from work, people retiring early, immigrants not coming in from the European Union… that’s not affecting any other country in Europe.”According to the IMF, Germany’s economy will grow 0.1 per cent in 2023 and 1.4 per cent in 2024.
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