UK economy ‘turning a corner’ as global growth slows, says KPMG1 Jul 2024 08:06
The UK economy is set to sail past expectations over the next two years as falling inflation and an uptick in consumer confidence help fuel growth, according to a report out today.
The British economy’s recovery from a shallow recession in the second half of 2023 looks set to continue for the rest of 2024, with growth for the year forecast to be 0.5 per cent, according to a report from KPMG.
Continued improvements in real household disposable income and further improvements in underlying inflationary pressures will accelerate the economy in 2025, KPMG said, with growth for the year forecast to rise to 0.9 per cent.
“While households have benefitted from a pickup in real earnings and a relatively stable labour market, business investment could also return as an engine of growth,” said Yael Selfin, chief economist at KPMG UK.
https://www.cityam.com/uk-economy-turning-a-corner-as-global-growth-slows-says-kpmg/