The economy is to contract 0.4% next year, the UK's biggest business group says, a significant downwards revision from the 1% growth predicted for 2023 by the group in its last forecast. It will mean the UK economy will be the worst performer out of all developed economies bar one.
People carry shopping bags during the Black Friday sales on Oxford Street in London. REUTERS/Henry Nicholls/File Photo
The UK is already in a recession which is expected to last into next year, according to the UK's biggest business group.outlook amid a stormy picture of declining business investment, higher price forecasts, continued high interest rates and worker shortages. The economy is to contract 0.4% next year, the CBI expects, a significant downwards revision from the 1% growth last forecast for 2023 by the group. By contrast, the economy is expected to grow 4.5% this year.
As a result of the contraction, consumer spending is anticipated to decline over the year as economic pressures rise.which the CBI said has already peaked and will even out next year.than the vast majority of developed economies. Only Germany's economic output is to fall at a faster pace, with the German economy set to contract 0.6%.
Those negative economic impacts are to continue to affect economic performance in the coming years, despite an upswing of 1.6% in economic growth in 2024, the CBI cautioned.
Danmark Seneste Nyt, Danmark Overskrifter
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