According to the Chambers of Commerce Association BCC, the UK economy has a long way to go before it recovers. The union expects the recession to last another five quarters.
Growth is not expected until the end of 2023 and there will only be an “anaemic recovery” in 2024, according to the British Chambers of Commerce (BCC) on Friday evening. Investment, exports and private consumption are expected to remain subdued. The Bank of England has already warned of a prolonged recession.
The BCC expects the economy to shrink by 1.3 percent next year. Household spending would fall significantly due to rising energy costs and mortgage payments, as well as falling real wages.
Added to this is the poor outlook for the global economy in the aftermath of Russia’s war of aggression against Ukraine. For 2024, Verbund expects a growth of 0.7 percent. This is significantly less than estimated by the regulator OBR.
However, the BCC expects inflation to peak at over 11 percent at this point. This is expected to drop to 5 percent at the end of 2023 and to 1.5 percent a year later. (aeg/sda/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
