The UK economy is expected to grow by 0.4 percent in 2023, avoiding a recession, the International Monetary Fund (IMF) forecasted on Tuesday.
The IMF had previously predicted the UK economy to grow by 0.3 percent in April, exceeding the German economy, which has been forecasted to fall by 0.1 percent.
The UK’s Gros Domestic Product (GDP) is expected to increase by one percent by 2024.
Despite the positive outlook, the IMF’s forecast of the UK’s economic growth would still fall behind Russia, France, and Italy’s growth of 0.7 percent.
The UK’s inflation rates have declined to 10.1 percent in March, which is still high compared to European Union countries and the US.