Great Britain
Danske Bank economists expected the economy to continue contracting Great Britain Where they predicted that Britain would experience negative GDP growth for four consecutive quarters and not experience a recovery by Q4 2023.
The bank’s economists also expected continued high inflationary pressures into 2023, to force the Bank of England to raise interest rates further, to start reducing them by 2024.
In this interval, Danske Bank economists confirmed the start of Britain entering a state of economic recession and the economy is expected to continue to decline, as they forecast the unemployment rate to rise to 5%.
It is worth noting that due to the Bank of England’s monetary tightening policy and its interest rate hike, it has led to a rise in mortgage rates, and because of this, Dansky’s experts predicted a decline in prices. of homes in Britain by 8%.
