The British think tank says the loss of economic growth could last five years

UK Think Tank warns economic growth losses could last for five years A prominent UK think tank has stated that the country is facing five years of economic growth losses as the government has failed to achieve its goal of "upgrading" and reducing disparities in different regions. The National Institute of Economic and Social Research (NIESR) in London predicts that the UK's GDP is unlikely to return to pre-pandemic levels before 2024.

NIESR states that while output weakness will be seen across the country, some areas will face greater pressure. It predicts that real wages in London will increase by no more than 7% over the five-year period starting from the end of 2019, but wages adjusted for inflation in the West Midlands county, where the third largest city Birmingham is located, will fall by 5%. 

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