Watch again: James Cartlidge makes statement after IMF forecasts UK economy to shrink

British junior finance minister James Cartlidge made a statement on the latest IMF forecast, which slashes the UK's growth outlook. Britain is now the only economy in the G7 projected to shrink in 2023 after the chancellor last week made an effort to talk up the economy and growth prospects. In its latest update, the IMF downgraded its UK gross domestic product forecast once again, predicting a contraction of 0.6 per cent against the 0.3 per cent growth pencilled in last October. However, the outlook for UK growth in 2024 has been nudged up to 0.9 per cent from the 0.6 per cent expansion previously forecast. Among the 64 other nations, the IMF's GDP predictions show growth of 1.4 per cent in the US, 1.8 per cent in Japan and 1.5 per cent in Canada. Elsewhere in Europe, there are predictions for 0.7 per cent growth in France, 0.6 per cent in Italy and 0.1 per cent in Germany. Watch more videos at the Independent TV: Click here to subscribe to The Independent: About The Independent: Making Change Happen. The Independent is the world’s most free-thinking newsbrand, providing global news, commentary and analysis for the independently-minded. Connect with The Independent: Check out our full video catalog: Videos, daily editorial and more: Click here to get the best of The Independent daily: Like The Independent on Facebook: Follow The Independent on Twitter: Follow The Independent on Instagram: Download the iOS & Android app: Help to support truly independent journalism. Every dollar you contribute will directly fund additional special reports and investigations from a free-thinking, award-winning newsroom you can trust - Subscribe to Independent Premium for exclusive content & live events:
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