Economists forecast brief UK boom then slump by 2023
May 17, 2021 - Economists believe the UK will lead Europe’s economic recovery with its fastest growth in almost 50 years, before the effects of Brexit and poor productivity send it tumbling to the bottom of the pack by 2023.
The United Kingdom will lead Europe's economic recovery with its fastest growth since 1973, before sliding to the bottom of the leader board in 2023, economists forecast.
Predictions for 2021 see UK growth to 6%, putting it ahead of Germany, France, Italy and Spain, thanks in the main to its rapid vaccine rollout – allowing lockdown restrictions to relax early.
Looking ahead further, however, analysts predict growth of just 1.7% for 2023, falling due to the long-term effects of Brexit and the country's lagging productivity – meaning it will fall behind its European peers.