Peterson Institute: UK economy to decline in 2023 and 2024 as US and eurozone grow

In its Fall 2023 Global Economic Prospects report, the Washington-based economic think tank projected that, on a year-over-year basis, UK real GDP growth would decline 0.3% in 2023 and 0.2% in 2024. PIIE noted the UK had recently entered a mild recession, as the country's gross domestic product shrank by 0.5% in July, worse than analysts had predicted and continuing a trend of weak economic growth in the UK. UK GDP sags by 0.5% in July as recession looms 'around the corner' The think tank said European growth may recover in 2024, but noted "the recovery there remains fragile". PIIE...