Britain is an outlier - the only major country to see its economy contract this year, the only nation with a recessionary forecast. The fact that even Russia, which is facing the full might of Western sanctions, is slated to do better this year and next is doubly humiliating.
1:53Let's start with the provisos. There are a few reasons why the UK comes out of these latest International Monetary Fund forecasts especially badly.
But neither of these provisos will be of much comfort in the Treasury. As recently as a few weeks ago it was able to justify the country's weak economic performance by pointing to October's IMF forecasts, which showed that a third of the world's economies were facing a recession and that the UK, weak as it was, would end up somewhere in the middle of the pack of industrialised economies.
This seems to come back to a few issues. The IMF points to the fact that Britain is especially sensitive to high gas prices .
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