Britain's economy is on course to shrink 0.4% next year as inflation remains high and companies put investment on hold, with gloomy implications for longer-term growth, the Confederation of Business Industry forecast on Monday.
"Britain is in stagflation - with rocketing inflation, negative growth, falling productivity and business investment. Firms see potential growth opportunities but ... headwinds are causing them to pause investing in 2023," CBI Director-General Tony Danker said.
Britain has been hit hard by a surge in natural gas prices following Russia's invasion of Ukraine, as well as an incomplete labour market recovery after the COVID-19 pandemic and persistently weak investment and productivity. British inflation hit a 41-year high of 11.1% in October, sharply squeezing consumer demand, and the CBI predicts it will be slow to fall, averaging 6.7% next year and 2.9% in 2024.
But the CBI forecast is in line with the Organisation for Economic Co-operation and Development , which expects Britain to be Europe's weakest performing economy bar Russia next year.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
What the midterms tell us about the 2023 City Council racesAll but one redrawn district favored Democrat Beto O’Rourke by wide margins in November, according to data from Flagship Campaigns.
Weiterlesen »
These stocks are cheap heading into 2023, and analysts love themCNBC Pro screened the S&P 500 for stocks that are trading at a discount to their historical valuations and are well liked by analysts.
Weiterlesen »
Should I file for Social Security in 2022 to get the COLA for 2023?I turn 70 in March 2023. I’ll receive the full 32% increase in Social Security delayed retirement credits. Wouldn’t it be advantageous to me to sign up for my benefit early? Here’s our advice for the reader.
Weiterlesen »
SpaceX Dragon cargo spacecraft lands at Chicago museum ahead of exhibitThe twice-flown Dragon is set to go on permanent display in the spring of 2023.
Weiterlesen »