Goldman Sachs' economists have predicted that the UK's economy will jump by 4.8 percent next year - easily surpassing 3.5 percent predicted for the US, four percent for Germany and 4.4 percent for European Union juggernauts France and Italy. Experts from HSBC predict that UK GDP will 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 1, 2022 and has increased output by almost seven percent since, as the country battled back from a deep recession. It was caused by Covid lockdowns that saw GDP plummet by nearly 10 percent in 2020. The International Monetary Fund IMF has forecasts that the UK economy is set to surpass the EU's top economies and that of the Eurozone as a whole this year and next. Britain's economy is expected to grow by 6.76 percent for 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 the number falls to 5.04 percent for the Eurozone.
The UK's growth is projected to be 5.01 percent in the year 2022, while this falls for the EU 27 4.44 percent and the Eurozone 4.35 percent Claus Vistesen at Panheon Macroeconomics - which downgraded UK growth to 4.2 pc and the Eurozone 4.35 percent due to the Omicron Covid outbreak. He told The Daily Telegraph that the economy of the Eurozone 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 in the Eurozone is probably going to be bigger than in the UK. READ MORE: 'Knowingly lied' Macron savaged across France as Covid rules come in.
This means that other nations have underestimated the scale of their own economic problems. Measurements 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.