A Tough Year Ahead for the U.K.

©iStock/Pavel Muravev

Economists agreed persistently high inflation, a shrinking workforce, declining trade relations with the EU, and a high exposure to the energy crisis sparked by the Ukraine war were the leading factors behind the U.K.’s comparatively grim prospects.

Economists surveyed predicted a return to normal by 2024 when inflation begins to dissipate, but the rest of this year will likely be a long slog for the U.K. economy.

The U.K. is expected to see the largest economic contraction among wealthy nations due to the Ukraine war and the energy crisis.

from The Global Small Business Blog https://ift.tt/4SLqJdk