Goldman Sachs economists have predicted that the UK's economy will jump by 4.8 percent next year - a figure that is easily trumping the 3.5 percent predicted for the US, four percent for Germany and 4.4 percent for European Union juggernauts France and Italy. In a boost, experts from HSBC expect UK GDP to grow by 4.7 percent over the next 12 months, with forecasts for the rest of the G 7 nations ranging from 2.2 percent for Japan and 4.3 percent for Italy.
Britain left the EU on January 1st, 2022 and has increased output by almost seven percent since, as the country battled back from a deep recession. It was triggered by Covid lockdowns that saw GDP fall by nearly 10 percent in 2020. The International Monetary Fund IMF has predicted that the UK's economy will surpass the EU's top economies and that of the Eurozone as a whole this year and next, according to the latest forecasts from the International Monetary Fund. Britain's economy is expected to grow by 6.76 percent by the year 2021 - more than double that of Germany's 3.05 percent - the EU's largest economy. The EU economies are expected to grow at an average of 5.1 percent, while this number falls to 5.04 percent for the Eurozone.
The UK is expected to grow by 5.01 percent in 2022, while the EU's 27 4.44 percent and the Eurozone 4.35 percent Claus Vistesen at Pantheon Macroeconomics have downgraded UK growth to 4.2 pc and 3.8 percent for the Eurozone due to the Omicron Covid outbreak. He told The Daily Telegraph that the Eurozone economy is probably going to be hit harder by Omicron, because already in the fourth quarter, before Omicron, we saw restrictions in Europe due to the Delta wave. I think the total hit to output is probably going to be bigger in the Eurozone than in the UK. READ MORE: 'Knowingly lied' Macron savaged across France as Covid rules come in.
Other nations have underestimated the scale of their own economic problems because of this. Measurement of public sector output cast the UK in a bad light during the lock downs but will be a plus as things get back to normal, according to Beck.