The CBI's economic forecast for 2023 shows we're facing a shallow recession. But those businesses that continue to go for growth will emerge the winners.
Businesses are heading into 2023 with a fair bit of uncertainty. But from what the CBI is hearing from members there is still reason to be positive. Many can still see opportunities for growth, even though we’re facing a recession.
The CBI’s own economic forecast for next year confirms that’s where we’re heading. In fact, the economy is likely to have fallen into a recession in Q3 2022, when GDP shrank by 0.2%. Driven by a fall in consumer spending and continued weakness in productivity and business investment, we’re expecting the recession to last until the end of 2023. And that’s led us to downgrade our GDP growth outlook for next year significantly, to -0.4% from 1% in our last forecast.
It's a pretty sombre way to end the year – even if our forecast is more optimistic than the OBR’s and the Bank of England’s.
Looking further ahead, the news isn’t all that
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