The British economy has been the slowest to recover from COVID-19 of all Group of Seven nations and is the only one with a smaller workforce than before the pandemic.
U.K. faces handicaps including soaring inflation that make it a very different economic environment to 1990s Japan.
A separate survey of chief economists, released by the World Economic Forum, found two-thirds expect a worldwide recession in 2023 as businesses cut costs.
Friday’s mini-budget has become a flash point for not just investors’ short-term concerns, but has given sharp focus to their long-held fears about the country.
The market’s verdict on the £220 billion (¥34.2 trillion) policy blitz set out by finance chief Kwasi Kwarteng was swift and devastating.
Prices are soaring worldwide, particularly for essential foods and fuels, eroding the spending power of families.
However, the researchers stressed that the results may "reflect temporary changes,” since the study captures only the first year of Brexit and didn’t asses trade in services.
