LONDON -The International Monetary Fund said on Tuesday that it no longer expects Britain's economy will fall into a recession this year, upgrading forecasts that it published last month, but it also warned that the outlook remains subdued. The IMF said British gross domestic product was set to grow by 0.4 percent in 2023. In April, it forecast a contraction of 0.3 percent. The Fund said the improved outlook reflected the unexpected resilience of demand, helped in part by faster than usual pay growth, the fall in soaring energy costs, improved business confidence and the normalization of global supply chains.

https://business.inquirer.net/402315/imf-says-uk-no-longer-heading-for-a-recession-in-2023

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