"The latest Item Club report predicted a modest 0.7 per cent rise in gross domestic product (GDP) over the entire year, a significant downgrade from the 1.4 per cent expansion initially forecast for 2025."
"While the economy will flirt with recession, defined as two quarters or more in a row of falling GDP, it will also see higher oil and energy prices weigh on activity."
"The International Monetary Fund (IMF) warned Donald Trump's war on Iran risks triggering a global recession in a damning assessment of the conflict's impact on the world economy."
"The Item Club warned that the jobs market will suffer its biggest hit since the pandemic, anticipating the UK's jobless rate will peak at 5.8 per cent."
The UK's economy is facing potential recession, with forecasts indicating a flatlining GDP in the second and third quarters. A modest 0.7 percent growth is expected for the year, down from an earlier prediction of 1.4 percent. The International Monetary Fund has warned that the conflict in Iran, exacerbated by Donald Trump's policies, could lead to a global recession. Higher oil and energy prices are anticipated to negatively impact economic activity, with unemployment projected to peak at 5.8 percent.
Read at www.independent.co.uk
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