Charted: UK is the only G7 country expected to face a recession in 2023
![UK banknotes.](https://assets.weforum.org/article/image/egeBVSRLJRBl6dquw2ElX7egc13KFg_NSR2-7_sJJF0.webp)
The IMF expects UK GDP to contract by 0.6% this year. Image: Unsplash/Kenny Eliason
![A hand holding a looking glass by a lake](/uplink.jpg)
Get involved with our crowdsourced digital platform to deliver impact at scale
Stay up to date:
United Kingdom
- The UK is expected to be the only G7 country to fall into recession in 2023, according to the International Monetary Fund (IMF).
- The IMF has downgraded its outlook for the UK over the past three months, and now sees the country's economic prospects as being worse than those of sanction-hit Russia.
- It expects UK GDP to contract by 0.6% this year, but forecasts growth of 0.9% in 2024.
The United Kingdom is expected to be the only G7 country to fall into recession in 2023, according to the latest estimates of the International Monetary Fund. Annual GDP is set to contract some 0.6 percent in the coming year, predominantly due to higher taxes, rising interest rates and the high cost of energy as well as lower government spending.
The UK’s outlook has worsened since the IMF estimated a 2023 growth of 0.3 percent last October. Its prospects are now worse than those of sanction-hit Russia. The IMF’s latest World Economic Outlook does predict, however, that the UK’s output will grow by 0.9 percent in 2024.
As our chart shows, the other G7 member states are expected to see growth, even if only marginally, with Japan taking the lead with a 1.8 percent increase, followed by Canada (1.5 percent) and the United States (1.4 percent). Where the UK once.
Don't miss any update on this topic
Create a free account and access your personalized content collection with our latest publications and analyses.
License and Republishing
World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.
The views expressed in this article are those of the author alone and not the World Economic Forum.
The Agenda Weekly
A weekly update of the most important issues driving the global agenda
You can unsubscribe at any time using the link in our emails. For more details, review our privacy policy.
More on Economic GrowthSee all
Li Dongsheng
July 16, 2024
Andre Hoffmann, Nolita Thina Mvunelo and Felix Rüdiger
July 10, 2024
Emma Charlton
July 9, 2024
Kate Whiting
July 9, 2024
Alejo Czerwonko
July 8, 2024
Jeff Schumacher
July 4, 2024