Closing Strait of Hormuz to virtually wipe out growth in British economy in 2027 — TV

Strait of Hormuz developmentsClosing Strait of Hormuz to virtually wipe out growth in British economy in 2027 — TV According to the analysis, the British economy could face a recession, if the Strait of Hormuz remains closed until springLONDON, August 12. /TASS/. The economy of the United Kingdom will show virtually no growth in 2027 if shipping disruptions in the Strait of Hormuz persist until December of this year, the British Broadcasting Corporation (BBC) reported, citing sources within the UK Treasury. An analysis conducted by the agency and presented to Prime Minister Andy Burnham showed that the country’s GDP could grow by just 0.3% by the end of 2027. If the Strait of Hormuz remains closed until next spring, the British economy could even face a recession, contracting by 0.2% over the year, the consulting firm EY reported earlier. On August 13, the Office for National Statistics will release data on the country’s economic growth for the second quarter of this year. Experts estimate it will stand at 0.4% on an annualized basis. 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