UK Economy Set to Shrink but Avoid ‘Technical Recession’: Official Forecaster

Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street in London, on March 15, 2023. Stefan Rousseau/PA Wire

The UK economy is expected to shrink this year but avoid a “technical recession,” the government’s economic forecaster has said in its latest assessment.

The Office for Budget Responsibility (OBR) said that a technical recession—two quarters of negative growth—will be avoided.