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Chancellor Jeremy Hunt tore up most of Ms Truss’s mini-budget of tax cuts and supply side reforms aimed at boosting the UK’s economic growth, but which spooked financial markets.
The IMF expects advanced economies in Europe to grow by just 0.6 percent next year and has warned more than half of the countries in the euro area will experience technical recessions with output expected to fall on average by about 1.5 percent.
The IMF’s World Economic Outlook released earlier this month forecasts global economic growth will slow from 3.2 percent this year to 2.7 percent in 2023.
Its 2022 projection remained unchanged from the last estimate in July, but next year’s saw a cut of 0.2 percentage points.
The Office for National Statistics (ONS) said in September the UK’s economic output unexpectedly rose by 0.2 percent in April through June, revised up from a previous 0.1 percent contraction, showing Britain’s economy had not yet fallen into a recession.
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