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HFM’s Outlook 2023: UK and the Pound


UK and the Pound – 2023 Outlook

This year will be extremely challenging for the UK economy and the UK’s recovery from pandemic. However, the recovery is being overshadowed in the cost of living crisis, which includes low consumer and business confidence, strikes, and ongoing uncertainty over the war with Ukraine. 

The UK inflation rose to 11.1% by 2022. The country had a GDP of -0.3% in Q3 2022 and is expected to have a GDP of -1.0% in Q4 2022 which would be the start of a recession that will likely last through 2023 making the country’s long term growth more complicated. The UK100 fluctuated between 7687.6 and 6824.5 (Feb) during the year. This was due to a shift in consumer confidence and business investment that is expected to continue through 2023.

All signs point to a slowing of UK growth in 2023. The UK economy will contract significantly and will be the most weakest G20 country, aside from Russia. For the first quarter of 2019, negative GDP data is expected to continue falling by -2.2%, and to fluctuate between 0.9% and 1.3% until the end. Forecasts indicate that the annual GDP growth rate will decline to 2.1% by 2023. GDP is still 8% below its…

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