What's Happening This Week in Economics?

©iStock/Galeanu Mihai

What’s happening this week in economics? Deloitte’s team of economists examines news and trends from around the world – from US tariffs to a Japan-US deal.  Find out more here.

A Tough Year Ahead for the U.K.

©iStock/Pavel Muravev

Economists agreed persistently high inflation, a shrinking workforce, declining trade relations with the EU, and a high exposure to the energy crisis sparked by the Ukraine war were the leading factors behind the U.K.’s comparatively grim prospects.

Economists surveyed predicted a return to normal by 2024 when inflation begins to dissipate, but the rest of this year will likely be a long slog for the U.K. economy.

The U.K. is expected to see the largest economic contraction among wealthy nations due to the Ukraine war and the energy crisis.