to fall into recession this year and will maintain positive growth this year. news welcomed by the uk finance minister as a big upgrade in the uk outlook. but for many right now, it might not feel like things are looking up with double digit inflation pushing up the cost of living, and pushing living standards down. here s the chancellorjeremy hunt reacting to the news. today the imf s assessment shows we are on the right track. the report forecast growth of 0.4% in 2023 and 0.7 percentage point upgrade since the aprilforecast. 0.7 percentage point upgrade since the april forecast. that s even higher than the bank of england forecast published last week for 0.25% growth in 23. the imf says we have acted decisively to fight inflation which will substantially reduce to around 5% by the end of the year. in the imf say our approach to fiscal policy will help to significantly reduce the deficit over the forecast by 3% of gdp between 20 to 23 and 2728. so together these forecasts
chinese companies stepped in to replace western suppliers. butjust how deep do these ties go? joining me now is chris weafer ceo of consultants macro advisory. usually based in moscow but currently in baku in azerbeijan. good to have you with us. those ties have strengthened, haven t they, in the wake of the war. give us a sense of how important trade between venice right now. this of how important trade between venice right now. of how important trade between venice right now. as you say, it s been growing venice right now. as you say, it s been growing steeply venice right now. as you say, it s been growing steeply but - venice right now. as you say, it s been growing steeply but in - venice right now. as you say, it s been growing steeply but in fact. been growing steeply but in fact it s actually been growing steadily since 2014 when sanctions were first applied by the west against russia. so if we look at 2013, the total value of trade between russia and china was about 90