2023-07-24 09:31:52
The British economy may enter a slight recession
Dubai – Al Arabiya.net
Posted on: July 24, 2023: 12:05 PM GST Last updated: July 24, 2023: 01:42 PM GST
Ashley Webb, chief economist for British affairs at Capital Economics, expected a strong decline in the pound sterling by the end of the year, to 1.15 pounds once morest the dollar.
In an interview with Al-Arabiya, Ashley said that the pound may rise once morest the dollar to 1.25 in 2024.
He pointed out that the inflation rate in Britain will not decline to 2% soon, but there are expectations that inflation rates will decline further.
He added that interest rates will remain high for a long time, while the economy may enter a slight recession.
Ashley predicted that interest would reach 5.5% by the end of the year, then decline to 4.5% at the end of 2024, and then to 3% by the end of 2025.
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