LONDON: Goldman Sachs Group Inc expects the United Kingdom economy will slip into recession later this year, with the risk that it could turn out to be a deep contraction amid soaring energy costs.
The UK’s gross domestic product is expected to fall by around 1% through mid-2023, Goldman said in a research note yesterday. Annual output next year will likely shrink by 0.6%, a sharp turnaround from Goldman’s previous estimate of a 1.1% expansion.
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