{"id":217812,"date":"2022-10-17T08:00:27","date_gmt":"2022-10-17T07:00:27","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=217812"},"modified":"2022-10-17T18:49:55","modified_gmt":"2022-10-17T17:49:55","slug":"uk-economy-to-enter-recession-until-summer-2023-experts-warn","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/uk-economy-to-enter-recession-until-summer-2023-experts-warn\/","title":{"rendered":"UK economy to enter recession until summer 2023, experts warn"},"content":{"rendered":"
Britain\u2019s economy is expected to shrink around 0.2% each quarter from October 2022 through to June 2023 next year, economists have warned.<\/strong><\/p>\n
This prolonged economic decline will result in a 0.3% fall in gross domestic product (GDP) for 2023 as a whole, the EY Item Club predicted in its autumn forecast.<\/p>\n
The economic forecasting group has significantly downgraded its previous summer forecast which estimated the economy would grow by 1% in 2023.<\/p>\n
A combination of high energy prices, surging inflation, rising interest rates and global economic weakness have driven up the likelihood that the UK economy will face a recession until the middle of next year.<\/p>\n