Goldman Sachs forecasts UK recession to last until 2024

Reduced down annual output estimates

The UK economy is forecast to dip into recession by the end of this year, with the deep contraction lasting until 2024, Goldman Sachs found.

In a research note, the economists at the bank said that the UK would likely experience a recession by the end of this year. The UK's gross domestic product is expected to fall by around 1% through mid-2023, the note said, and annual output next year will likely shrink by 0.6%, a jarring turnaround from its previous estimate of a 1.1% expansion. Economists at the bank, led by Sven Jari Stehn said that "concerns around cost of living pressures in the UK have continued to intensify on the back of the worsening energy crisis. Real consumption is still likely to decline significantly". ...