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UK faces biggest hit to growth from Iran war of major economies
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The energy shock from the Iran war will hit the UK the hardest of the world's advanced economies, the International Monetary Fund has forecast.
IMF cut its estimate for UK growth this year to 0.8%, from the 1.3% prediction made in January before hostilities began.
The IMF said the downgrade was due to the war, fewer interest rate cuts, and the expectation that the impact of higher energy prices would linger into next year.
It also warned the war threatened to throw the world economy "off course" and a prolonged conflict risked a global recession. The IMF urged central banks to be cautious over raising interest rates to counter higher inflation.
The OECD said last month they also predicted the UK would face the biggest hit to economic growth of the G20 major economies from the Iran war.
Reeves off the hook, and will Labour blame Trump ? |
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"The energy shock from the Iran war will hit the UK the hardest of the world's advanced economies, the International Monetary Fund has forecast.
IMF cut its estimate for UK growth this year to 0.8%, from the 1.3% prediction made in January before hostilities began.
The IMF said the downgrade was due to the war, fewer interest rate cuts, and the expectation that the impact of higher energy prices would linger into next year.
It also warned the war threatened to throw the world economy "off course" and a prolonged conflict risked a global recession. The IMF urged central banks to be cautious over raising interest rates to counter higher inflation.
The OECD said last month they also predicted the UK would face the biggest hit to economic growth of the G20 major economies from the Iran war.
Reeves off the hook, and will Labour blame Trump ? "
You spent quite a few words telling us that the war has caused the problem then ask if labour will blame it ? Why wouldn't they 🤷♂️ |
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Didn’t she already blame Trump last year?
Alongside
Liz Truss
The Tories
Brexit
Russia
The Tooth Fairy
Aliens
It’s a shame Labour aren’t the government or they could have done something to get Britain better prepared for inevitable global shocks. |
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By *I TwoCouple 3 weeks ago
near enough |
"Didn’t she already blame Trump last year?
Alongside
Liz Truss
The Tories
Brexit
Russia
The Tooth Fairy
Aliens
It’s a shame Labour aren’t the government or they could have done something to get Britain better prepared for inevitable global shocks."
Such as ? |
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"Didn’t she already blame Trump last year?
Alongside
Liz Truss
The Tories
Brexit
Russia
The Tooth Fairy
Aliens
It’s a shame Labour aren’t the government or they could have done something to get Britain better prepared for inevitable global shocks."
It takes more than 18 months to repair the damage done to protect the country from shocks |
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