IMF: Britain set to be worst-performing major economy this year ...Middle East

LONDON: Britain’s economy will slam into reverse this year as the cost-of-living crisis hits households hard and will see the worst performance of all the advanced nations, the International Monetary Fund (IMF) has warned.In its latest World Economic Outlook update, the IMF downgraded its UK gross domestic product (GDP) forecast once again, predicting a contraction of 0.6 per cent against the 0.3 per cent growth pencilled in last October as Britain looks set to suffer more than most from soaring inflation and higher interest rates.But it nudged up its outlook for British growth in 2024 to 0.9 per cent, up from the 0.6 per cent expansion previously forecast, reported PA Media/dpa.The grim out

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