Britain's economy is expected to grow by only one percent in 2025, half of the previous forecast of 2 percent, said the country's finance minister on Wednesday.
Britain's public finance watchdog, the Office for Budget Responsibility (OBR), has revised down its 2025 growth forecasts in the latest publication, confirmed British Chancellor of the Exchequer Rachel Reeves in her Spring Statement in the House of Commons.
Around one-third of the lower growth this year reflects what appears to be structural weakness, and this is concentrated in productivity, said the OBR, adding that the remaining two-thirds is due to what appear to be cyclical, temporary factors including higher interest rate expectations, increases in gas prices and elevated uncertainty.
Highlighting the current significant uncertainty, the OBR said that if global trade disputes escalate to include 20 percentage point rises in tariffs between the USA and the rest of the world, this could reduce UK GDP by a peak of 1 percent.
Britain's annual CPI inflation is also projected to increase from 2.5 percent in 2024 to 3.2 percent in 2025, 0.6 percentage points higher than the October forecast, said the independent watchdog.
British 2025 GDP growth forecast cut in half to 1 pct
A rescue team from China's Hong Kong Special Administrative Region (HKSAR) arrived in Nay Pyi Taw, capital of Myanmar, on Sunday evening, and swiftly proceeded to the area hardest hit by a massive 7.7-magnitude earthquake to assist in search and rescue operations.
The 51-member team, after a brief rest at the Myanmar National Center for Disease Control (CDC) in Nay Pyi Taw, geared up for an overnight journey to Mandalay, the city closest to the quake's epicenter, to begin their crucial rescue efforts.
"I am part of the support team from the Hong Kong Hospital Authority (HA). This time, the HA has dispatched two doctors and two nurses to join the HKSAR rescue mission. We have prepared for possible emergencies, including bringing a large stock of medical supplies and equipment such as ventilators and blood pressure monitors," said Chiu Yuet Chung, one of the rescuers.
"As soon as we received news of such a severe disaster, we immediately began extensive preparations in Hong Kong. While the 'golden 72 hours ' are critical, we ensured that we could deploy as quickly as possible. This time, we were able to prepare and depart in a very short time," said Kong Ka-ho, a senior officer from Hong Kong's Fire Services Department.
Kong said the rescue team had prepared a wide range of equipment, including life-detecting radars, drones, 360-degree cameras, and demolition tools, to assist in the precise search and rescue of trapped individuals.
According to the Hong Kong SAR Government's Security Bureau, the 51-member rescue team comprises personnel from the Security Bureau, Fire Services Department, Immigration Department, and the Hospital Authority. The team also includes two fire search and rescue dogs.
The earthquake that struck Myanmar on Friday noon was the largest of the year so far and the strongest continental seismic activity globally in nearly a decade. At least 1,700 people died, 3,400 were injured, and 300 remained missing as of Sunday noon, according to the country's State Administration Council on Sunday.
China's HK rescue team rushes to Myanmar quake epicenter to search for survivors
