IMF warns world may soon be 'teetering on the edge of recession'

UK GDP growth in 2023 set for 0.5%

The UK is set to experience the slowest GDP growth of any G7 economy next year, the International Monetary Fund said, as it warned that the world "may soon be teetering on the edge of a global recession".

The international body slashed global growth projections while raising inflation expectations in its latest forecast, bringing global GDP growth estimates to 3.2% in 2022 and 2.9% in 2023. "The global economy, still reeling from the pandemic and Russia's invasion of Ukraine, is facing an increasingly gloomy and uncertain outlook," said IMF economist Pierre-Olivier Gourinchas. "The outlook has darkened significantly" since the previous forecast in April, he added. UK inflation reaches 9.4% in June The UK is forecast to grow by 3.2% this year and just 0.5% in 2023, with gr...