According to experts from the consulting company EY, the next recession in the UK may be more severe than originally expected, but it may not last long.
Faced with a worsening scenario of reduced government aid and higher taxes, economists said they believe each of the next three years could be worse than initially projected.
In October, the EY’s Item Club predicted that the country’s gross domestic product would decline by 0.3% this year, then expand by 2.4% the following year and then rise by 2.3% in 2025.
EY said that while the recession may be more severe than initially thought, it is unlikely to last longer than initially expected.
It is unclear if the nation is currently in a recession. According to the technical definition, a recession occurs when there is a decline in the GDP for two consecutive quarters.
The last months of 2022 saw a slight recovery, thanks to the World Cup and the Christmas period, the next few months will not see any positive signs.
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