The British Chambers of Commerce (BCC) said on Friday night that growth is not expected until the end of 2023, with only an “anemic recovery” in 2024. Investments, exports and private consumption are expected to remain under pressure. The Bank of England had previously warned of a prolonged recession.
BCC expects the economy to shrink 1.3 percent next year. Household spending will fall significantly due to falling real wages as well as rising energy costs and mortgage payments.
Added to this are bad prospects for the global economy following Russia’s war of aggression against Ukraine. Verbund expects growth of 0.7 percent for 2024. This is significantly less than estimated by the OBR supervisory authority.
But BCC expects inflation to peak at a good 11 percent right now. It is expected to decrease to 5 percent by the end of 2023 and to 1.5 percent a year later.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
