09 August 2023
UK Economy - 5 years of lost growth
The National Institute of Economic and Social Research (NIESR) has published its UK Economic Outlook, highlighting five years of lost growth for the UK economy since the start of the pandemic.
While the report sees the UK avoiding recession, the slow growth rate of 0.4% in 2023 and 0.3% in 2024 is based on an uncertain outlook, with a 60% chance of recession by the end of 2024.
On inflation, they forecast a continued reduction from current levels to 5.2% by the end of 2023 and 3.9% at the end of 2024, still above the Bank of England target. Base interest rates are expected to rise once more to 5.5% and real wages in many parts of the country will remain below pre-pandemic levels.
Story via Ed Central
While the report sees the UK avoiding recession, the slow growth rate of 0.4% in 2023 and 0.3% in 2024 is based on an uncertain outlook, with a 60% chance of recession by the end of 2024.
On inflation, they forecast a continued reduction from current levels to 5.2% by the end of 2023 and 3.9% at the end of 2024, still above the Bank of England target. Base interest rates are expected to rise once more to 5.5% and real wages in many parts of the country will remain below pre-pandemic levels.
Story via Ed Central
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