Economists forecast a massive recession for the UK due to the combination of high energy bills, high taxes, and soaring interest rates.

Britain is expected to experience the world’s worst recession in 2023, thanks to the contributions of Rishi Sunaks high tax society.

The combination of high energy bills, failing businesses, high taxes, and rising interest rates will trigger a significant recession in the United Kingdom. According to analysts at insurer Allianz Trade, Britain is on track to experience the world’s deepest recession.

The UK GDP is expected to contract by 0.9 percent in 2023, while business insolvencies will increase by 15%.

Germany’s economy will contract by 0.7 percent, France’s economy will contract by 0.4 percent, and the US economy will contract by 0.3 percent.

The study also warned that companies in the United Kingdom and Europe will face a “massive profitability shock” since the expense of rising energy costs will not be adequately offset by government assistance.

Inflation is also anticipated to be “uncomfortably high,” however growing rates are expected to decelerate from 9% in 2022 to 7.5 percent this year.

A global recession is expected in 2023, with global growth of only 1.4 percent this year, down from 2.9 percent the previous year, before returning to 2.8 percent in 2024.

According to Maxime Darmet, senior economist at Allianz Commerce Maxime Darmet, senior economist at Allianz Commerce, global trade will “continue to slow,” with the manufacturing sector particularly hurt by low demand.

The International Monetary Fund’s (IMF) managing director, Kristalina Georgieva, earlier prediced that a third of the world economy will be in recession this year.

The remarks come after the IMF slashed its growth forecast for 2023 in October, blaming the bad economic outlook on the Ukraine conflict, inflation, and rising interest rates.

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