Article 6F34T UK economy ‘will shrink for two years as eurozone and US grow’

UK economy ‘will shrink for two years as eurozone and US grow’

by
Phillip Inman
from Economics | The Guardian on (#6F34T)

Thinktank chief and former Bank MPC member gloomy about stubborn inflation and labour shortages

The UK economy will shrink this year and in 2024, according to a report by a leading US thinktank that said stubborn inflation and a shortage of workers would damage the prospects for growth more than most analysts expect.

The Washington-based Peterson Institute for International Economics (PIIE) said a drop in GDP this year of 0.3% would be followed by a fall of 0.2% next year while the eurozone and the US were on course for growth this year and next.

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