The UK economy will return to its pre-pandemic levels only in 2024, experts have now said.
In its latest economic update, Deutsche Bank said: “Since our last growth update, the UK economic outlook has weakened further.
“We now see the UK in a recessionary orbit with growth likely to remain subdued for much of the next year or so, with GDP slowing from 4.5% this year (previously: 3.5%) to -0.5% next year (previously: 0%), and rising by 1% in 2024 (previously: 1%).
“We now expect GDP to return to its pre-pandemic level only in 2024, with growth recovering to its trend rate (1.25%) around the middle of the decade.”
The last few weeks have been full of turmoil for the British economy, in the wake of Kwasi Kwarteng’s controversial mini-budget.
The pound plummeted shortly afterward – but is now climbing back up.