With GDP already contracting and projected to do so for most or all of 2023, the UK is predicted to experience one of the worst recessions and poorest recoveries among the G7 countries in the upcoming year.
This was the major finding of a survey of UK-based economists conducted by the Financial Times, which blamed the turmoil on the inflationary shock brought on by the epidemic and the conflict in Ukraine.
The Bank of England will be required to maintain high interest rates while the government implements a strict budgetary strategy since it is anticipated that the recession will last longer in the UK than it will elsewhere.
As a result, it is anticipated that household incomes will be reduced, with higher borrowing rates exacerbating the already severe effects of soaring food and energy prices.
While the global economy and half of the EU are also expected to be hit by recession this year, according to the IMF, the UK's downturn is expected to be both deeper and more prolonged.
Forecasts compiled by Consensus Economics published in the FT show UK GDP shrinking by 1% in 2023, compared with a contraction of just 0.1% for the eurozone as a whole and growth of 0.25% in the US.
Many respondents also noted that the UK's recovery, once it begins, is expected to be a feeble one, unfolding "in the long shadow of Brexit" and in the absence of any plan to boost long-term growth, the paper said.