THE UK is set to become the slowest growing economy among major developed nations next year, according to the International Monetary Fund (IMF).
It is a rate of growth slower than Russia’s which, despite being hit by a host of international trade sanctions, is set to expand its economy by 1.1%.
The IMF said the UK’s position “reflects tighter monetary policies to curb still-high inflation and the lingering impacts of the terms-of-trade shock from high energy prices".Figures released by the UK Government last month estimate the country’s economy expanded by 4.3% in 2022, which is significantly higher than the IMF initially estimated.
The chancellor Jeremy Hunt said: “The IMF have upgraded growth for this year and downgraded it for next – but longer term they say our growth will be higher than France, Germany or Italy. Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
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