Economy
UK economy could slip into recession in Q4, says Goldman Sachs
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Mon, 2022-08-29 12:56
RIYADH: The UK economy could enter recession in the fourth quarter of this year amid soaring energy prices, according to US investment bank Goldman Sachs.
In a recent research note, it predicted that the UK’s gross domestic product is expected to fall by around 1 percent through mid-2023, Bloomberg reported.
The report further added that the annual output next year will likely shrink by 0.6 percent, a sharp turnaround from Goldman’s previous estimate where it predicted an expansion of 1.1 percent.
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