Britain is the only Group of Seven nation to have suffered a cut to its 2023 economic growth outlook in International Monetary Fund forecasts published on Tuesday, adding to pressure on finance minister Jeremy Hunt to come up with a growth plan.
Britain's flagging economy now looks set to shrink by 0.6% this year, a sharp downgrade from previously expected growth of 0.3% in the IMF's last forecast in October.
The IMF said Britain would struggle with a combination of factors including higher taxes announced by Hunt late last year as he tried to restore the confidence of investors after September's "mini-budget" of former prime minister Liz Truss. The Bank of England's sharp increase of interest rates to try to stamp out the risks from a jump in inflation would take its toll as well.
By contrast, Britain is expected to have registered one of the highest growth rates in 2022 among European countries at 4.1%, Gourinchas said.
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