Macro - Country Economic Forecasts - United Kingdom
We expect Russia's invasion of Ukraine to mean energy prices will stay higher for longer, pushing up UK inflation further and weakening growth. The energy price cap will delay some of the pain for consumers and mean the bigger hit to activity comes next year, leading us to cut our 2023 GDP growth forecast by 0.5ppts to 2.1%. The weaker growth outlook and heightened uncertainty mean we now expect two more interest rate hikes this year, rather than three.
- UK: Russia-Ukraine war will raise inflation and damage growth
- Forecast overview
- Recent developments
- Short-term outlook
- Key drivers of our short-term forecast
- Economic risk
- Economic risk evaluation
- Risk warnings
- What to watch out for
- Exposure to key global risks
- Long-term prospects
- Background
- Economic development
- Structure of the economy
- Balance of payments and structure of trade
- Policy
- Politics
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook