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UK economy predicted to suffer severe contraction in 2023

As the global economy braces for a potential contraction that could see one-third of the world’s economies enter a recession this year, some countries are expected to fare worse than others.

The United Kingdom is predicted to be hit particularly hard, with a survey of 101 U.K.-based economists conducted by the Financial Times finding that around four-fifths believe the country will experience a longer and more severe recession than its peers in the G7, a group of seven advanced economies, according to Fortune.

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The survey cited high inflation, a shrinking workforce, declining trade relations with the EU, and a high exposure to the energy crisis caused by the Ukraine war as the main factors behind the U.K.’s dire economic outlook.

While economists predict a return to normal by 2024, the U.K. is likely to face a challenging year as it struggles with persistently high inflation and an energy crisis, among other issues.

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