Meanwhile, workers' pay in other G7 countries, a group of industrialized democratic economies, has not kept up with inflation, meaning their paychecks have effectively shrunk since 2019.

“The global economy remains remarkably ... path,” the IMF writes. This chart shows projected real GDP growth and inflation globally and in the G7.

Growth in the global economy is expected ... OECD has anticipated. UK inflation would average 7.2% in 2023, the highest rate in the G7 group, which includes the US, Germany, France, Japan, Canada ...