Deutsche Bank raised its 2023 economic growth forecast for the UK economy to 0.5% from 0.3% previously, and expects it to avoid a recession next year.
The bank sees a "modest" rebound in the last quarter of 2023, following a "small" contraction expected for the third quarter.
"While headwinds continue to gather pace, we think sufficient tailwinds will allow the UK economy to skirt a recession in 2024," said Sanjay Raja, chief UK economist at the bank. He cut his estimate for growth next year slightly to 0.3% from 0.4%.
(This story has been refiled to correct the spelling of Sanjay Raja in paragraph 3)
(Reporting by Susan Mathew in Bengaluru; Editing by Shailesh Kuber)
