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Britain in 2023 will face the deepest recession among the world’s largest economies KXan 36 Daily News

Date: February 1, 2023 Time: 06:22:50

Analysts at insurance firm Allianz Trade predicted that the UK economy would contract by 0.9% in 2023, compared with a fall of 0.7% in Germany, 0.4% in France and 0. 3% in the US

The report also warns that businesses in Britain and Europe will face a “major shock” in the coming months from rising electricity bills, which will not be fully offset by government support measures, writes the Daily. Mail.

Allianz predicts that the number of insolvent companies in the UK will rise 15 percent by 2023 to 27,100.

Overall, the center’s analysts concluded that the world economy will “continue to head into recession” in the coming months, forecasting global growth of just 1.4 percent in 2023, compared with 2.9 percent last year. last.

These findings echo a warning from International Monetary Fund (IMF) Managing Director Kristalina Georgieva, who predicted that a third of the world economy will be in recession by 2023. The US, EU and Chinese economies are will slow simultaneously, he said, and the COVID-19 outbreak in China will reduce economic activity around the world.

Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.
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