UK to return to growth in 2024, but 2023 will be a challenge

The Bank of England will publish a new forecast for the UK economy this week, with a further rise in interest rates anticipated, and with the Chancellor saying that we are not immune to the pressures hitting nearly all advanced economics. But the IMF has predicted that the UK will be the only country across the world’s advanced and emerging economies to suffer a year of declining GDP in 2023, performing even worse than sanction-hit Russia. The question of why the UK underperforms is a complex one, but a lot of it comes down to the sectors upon which the economy relies to generate GDP. A stronger emphasis on manufacturing would surely help. But alas, despite the rhetoric, our sector remains low on the priorities of our politicians.

With best regards

Mark Simms, Editor
editor@fasteningandbonding.net

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