Economy tipped to rebound next year with a 4.7% growth predicted
The UK economy is forecast to recover ground lost during the pandemic if further Covid restrictions are not enforced.
Economists are pencilling in growth of 4.7 per cent next year, following estimated growth of 7 per cent this year.
The economy shrank 9.4 per cent last year, its worst performance for a century as Britain’s businesses reeled from the coronavirus outbreak.
The UK economy is forecast to recover ground lost during the pandemic if further Covid restrictions are not enforced
Deutsche Bank, Consensus Economics, and the Economist Intelligence Unit expect growth of around 4 per cent.
Panmure Gordon chief economist Simon French forecast the economy would grow 4.75 per next year, but a hard Covid lockdown would push this back to 3.3 per cent.
Professor Trevor Williams, of Derby University, has cut his 2022 forecast from 4.5 per cent to 3 per cent, while George Buckley, chief UK economist at Nomura, is looking for 4.5 per cent.
French said: ‘The UK economy is, Covid permitted, expected to continue its rapid rebound in 2022 with low unemployment and high household cash reserves all contributing to a second successive year of above trend growth.’