The impact will be unbalanced, with the biggest toll coming in Europe and North America, two regions expected to face painful slowdowns and a continued high cost of living and doing business. The economies of both the United States and the euro area are forecast to expand at an anemic pace of just 0.5 percent next year before recovering modestly in 2024.The State of the WarBritain, by contrast, will suffer from a lengthy recession, with the economy shrinking 0.4 percent next year before limping into a shallow recovery in 2024. The country, which the O.E.C.D. forecast to grow 4.4 percent this year, has stumbled badly after months of political upheaval and a sweeping series of unfunded tax cuts in September that caused the British pound to plunge and eventual …
