It's a surprising thing, in that Russia should be hurt worse than it is by sanctions.
As for the UK economy, it's hard to draw reliable, direct connections to Brexit. Everybody expected some downturn, but it's hard to distinguish this specific level of downturn from all of the other things going on in the UK economy. Natural gas prices have hit the UK hard; unemployment has had a hard time matching workers to openings. That may be due to Brexit, or it may be due to pre-existing conditions and the management of the current government.
So it's a bad thing, but it's not necessarily helpful to just say "It's Brexit's fault" -- even if it is. You can't reverse Brexit any time soon. The conditions on the ground are what they are. The real problem is that these conditions were years and decades in the making -- not just Brexit -- and will not yield to short-term fixes.
This has much more to do with Russia than the UK. Not mentioned in the article is that the IMF revised it's 2023 predictions from -2.3% to 0.3%, citing strong government spending on the war.
In other words, this is where GDP figures aren't great. A country that is deficit spending to buy weapons to get its own people (and others) killed looks like a great economy on paper, but not really in actuality.
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[ 2.3 ms ] story [ 21.8 ms ] threadAs for the UK economy, it's hard to draw reliable, direct connections to Brexit. Everybody expected some downturn, but it's hard to distinguish this specific level of downturn from all of the other things going on in the UK economy. Natural gas prices have hit the UK hard; unemployment has had a hard time matching workers to openings. That may be due to Brexit, or it may be due to pre-existing conditions and the management of the current government.
So it's a bad thing, but it's not necessarily helpful to just say "It's Brexit's fault" -- even if it is. You can't reverse Brexit any time soon. The conditions on the ground are what they are. The real problem is that these conditions were years and decades in the making -- not just Brexit -- and will not yield to short-term fixes.
In other words, this is where GDP figures aren't great. A country that is deficit spending to buy weapons to get its own people (and others) killed looks like a great economy on paper, but not really in actuality.