IMF predicts weak global economy and warns of financial risks.

The International Monetary Fund (IMF) predicts that the UK will be one of the worst performing major economies in the world this year, with the worst performance among the G20. The IMF expects the UK economy to shrink by 0.3% in 2023, although this is a small upgrade from its last forecast. The IMF warns of a "rocky road" for the global financial system, following the collapse of two US banks last month and the rushed takeover of Swiss banking giant Credit Suisse by its rival UBS. The IMF also expects global growth to fall from 3.4% in 2022 to 2.8% in 2023, before rising slowly and settling at 3% in five years' time.