LONDON Britain's economy is on course to shrink 0.4 per cent in 2023 as inflation remains high and companies put investment hold, with gloomy implications for longer-term growth, the Confederation of Business Industry (CBI) said on Monday.
In its latest forecast, the CBI said Britain has already fallen into a "short and shallow" recession that will leave business investment 9 per cent below pre-pandemic 2019 levels.
"Britain is in stagflation - with rocketing inflation, inflation, negative growth, falling productivity and business investment. Firms see potential growth opportunities but... headwinds are causing them to pause investing in 2023," CBI director-general Tony Danker said.
This story is from the December 06, 2022 edition of The Straits Times.
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This story is from the December 06, 2022 edition of The Straits Times.
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