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IMF trims UK economic growth forecast for 2022 on Omicron effect -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – People shop on a bustling street in Liverpool as they search for bargains at the Boxing Day Sales in December 26, 2021. REUTERS/Phil Noble/File photo

LONDON (Reuters), The International Monetary Fund announced Tuesday that its prediction for British economic growth had been reduced by disruptions from Omicron virus and supply restrictions, but it has increased its estimation for growth to 2023.

According to the IMF, it expects that British gross domestic product will grow by 4.7% and 2.3% by 2022, respectively. This is in contrast with previous predictions made by October of 5.0% or 1.9%.

These new projections are part of an IMF update on the World Economic Outlook. The Group of Seven economies, with Japan the exception, had the largest reduction in Britain’s 2022 expected growth rate.

According to the IMF, “In the United Kingdom disruptions due to Omicron supply and demand constraints – especially in labour and energy markets- have caused growth to be revised down.”

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