UK SET FOR SLOWEST GROWTH IN G7 AS UKRAINE WAR HITS GLOBAL ECONOMY

  • 19/04/2022

According to the International Monetary Fund, the conflict in Ukraine will "severely impede" global economic recovery, with the United Kingdom bearing the brunt of the damage.

The violence is driving up food and fuel prices, which the international organisation expects to hamper global growth.

It has reduced its global projection as well as its outlook for the United Kingdom.

This means that the UK will no longer have the fastest expanding economy in the G7 group of leading Western nations, and would instead have the slowest in 2023, according to the report.

According to the group, UK GDP would decelerate as pricing pressures cause families to curtail spending, while rising interest rates will "chill.

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