UK economy could slip into recession in Q4, says Goldman Sachs

RIYADH: The UK economy could enter recession in the fourth quarter  of this year amid soaring energy prices, according to US investment bank Goldman Sachs. 

In a recent research note, it predicted that the UK’s gross domestic product is expected to fall by around 1 percent through mid-2023, Bloomberg reported. 

The report further added that the annual output next year will likely shrink by 0.6 percent, a sharp turnaround from Goldman’s previous estimate where it predicted an expansion of 1.1 percent.