The UK is set to experience the slowest GDP growth of any G7 economy next year, the International Monetary Fund said, as it warned that the world "may soon be teetering on the edge of a global recession".
The international body slashed global growth projections while raising inflation expectations in its latest forecast, bringing global GDP growth estimates to 3.2% in 2022 and 2.9% in 2023.
"The global economy, still reeling from the pandemic and Russia's invasion of Ukraine, is facing an increasingly gloomy and uncertain outlook," said IMF economist Pierre-Olivier Gourinchas.
"The outlook has darkened significantly" since the previous forecast in April, he added.
The UK is forecast to grow by 3.2% this year and just 0.5% in 2023, with growth expectedly to slow down sharply in the second half of this year.
The risk of global recession is "particularly prominent" next year, as growth is set to reach record lows in various countries, while the stockpile of savings built up in the pandemic will dwindle.
Gourinchas warned that a "plausible" scenario was the cut-off of Russian gas supply to Europe leading to greater reductions in growth and new price pressures.
Meanwhile, China's economy is set to grow just 3.3% this year due to Covid lockdowns, more than 1% less than had been predicted in April.
