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Deutsche Bank raises 2023 UK GDP growth forecast to 0.5%

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© FILE PHOTO: People walk past the Bank of England in London’s financial district, as Britain struggles with the highest inflation rate among the world’s big rich economies, in London, Britain July 17, 2023. REUTERS/Rachel Adams/File photo

() – Deutsche Bank raised its 2023 economic growth forecast for the UK economy to 0.5% from 0.3% previously, and expects it to avoid a recession next year.

The bank sees a “modest” rebound in the last quarter of 2023, following a “small” contraction expected for the third quarter.

“While headwinds continue to gather pace, we think sufficient tailwinds will allow the UK economy to skirt a recession in 2024,” said Sanjay Raja, chief UK economist at the bank. He cut his estimate for growth next year slightly to 0.3% from 0.4%.

(This story has been refiled to correct the spelling of Sanjay Raja in paragraph 3)

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