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hello and welcome to audiences in the uk and around the world. i m victoria fritz. we start here in the uk, with warnings that the country is set for the slowest growth of the g7 nations next year. for context, the uk is not alone, the imf says the global economy will shrink for the first time since 2020, why? partly the pandemic, partly the warn in ukraine, but the risk of recession is rising, and the uk is vulnerable. here are the numbers. the imf has revised down its growth for next year, from 1.2% to just 0.5%. significantly behind the us and europe at over i%, and the globalfigure of 2.9% growth in 2023. so why would the uk fare comparatively worse? well part of the problem is the uk s reliance on fossil fuels, making up 76% of our energy mix, compared tojust under 60% across the eu. let s listen to the imf s chief economist. the one thing that worries me more about the uk economy is that their inflation numbers seem to quite high, there are quite high gas prices a ....
Compared tojust under 60% across the eu. let s listen to the imf s chief economist. the one thing that worries me more about the uk economy is that their inflation numbers seem to quite high, there are quite high gas prices and water prices in the economy so we are project patient prices are actually quite high for the uk, higher than for the uae or even the us. that would signal even further monetary policy tightening by the bank of england and that would also weigh down on growth going forward. now to help explain all this joining me now is craig erlam, senior market analyst at trading platform 0anda. looking at some of this, i d just want to read out some of the comments here. 0verwhelmingly tilted to the downside . extraordinarily uncertain . stagflationary environment ....