IMF: UK expected to avoid recession in 2023

‘Big upgrade’

The International Monetary Fund said the UK economy is expected to avoid a recession this year, thanks to a decline in energy prices.

The UK is also set to maintain positive growth in 2023 despite a significant slowing in economic activity and "stubbornly high" inflation, the IMF found. Growth is forecast to slow to 0.4% this year, an upgrade from its April prediction of -0.3%. The financial agency backed the Bank of England's monetary policy trajectory, arguing it needs to remain "tight" to keep inflation expectations "well-anchored" and bring inflation to its 2% target. Bank of England's Bailey: QT not to blame for banking turmoil It was also commended for being the first major central bank to lift its interest...