UK economists are warning of a potential recession, with upcoming GDP figures suggesting halting growth. Forecasts predict a fall in GDP for the fourth quarter of 2024 due to decreased business and consumer confidence. A significant revision in GDP growth projections has been made, with expectations for 2025 and 2026 being lowered. Analysts indicate that upcoming data will likely show continued stagnation and declining output across various sectors, exacerbating the economic outlook heading into 2025.
GDP fell as businesses and consumer confidence plummeted, indicating that the UK is on the brink of a recession.
Higher taxes, interest rate hikes, and weaker overseas demand have caused economists to revise down UK GDP growth forecasts.
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