The UK will be one of the worst performing major economies in the world this year, according to a forecast.
The International Monetary Fund (IMF) said the UK's economy will grow among the slowest of out of the G20 countries. The G20 is the world's 20 largest economies and includes Russia.
It will be the worst performing out the G7.
The IMF predicted the UK economy will shrink by 0.3 per cent this year and grow by grow by one per cent next year.
The SNP blamed "Tory economic incompetence" and Brexit for the poor forecasts.
Germany is the only other country out of the world's seven biggest economies that will shrink this year.
But it is at least better news than a previous IMF forecast, which predicted that the economy would shrink by 0.6 per cent this year.
IMF director of research Pierre-Olivier Gourinchas said: “The UK economy seems to be doing a little bit worse than some other comparable economies (because) there is a higher dependence on imported energy with a high share of gas – and with the gas prices we’ve had last year, that’s a major negative trade shock – there’s a fairly tight labour market and so there has been a need for fairly aggressive tightening of monetary policy.”
The economists also warned of further problems in the months ahead, even following the recent chaos in the banking sector which saw several US banks go out of business and Credit Suisse bought by rival UBS.
“Below the surface, however, turbulence is building, and the situation is quite fragile, as the recent bout of banking instability reminded us,” the IMF said.
“Inflation is much stickier than anticipated even a few months ago. While global inflation has declined, that reflects mostly the sharp reversal in energy and food prices.
“But core inflation, excluding the volatile energy and food components, has not yet peaked in many countries.”
In the UK inflation is expected to fall from 9.1 per cent last year to 6.8 per cent this year and 3 per cent in 2024.
SNP Economy spokesperson Stewart Hosie said: "The future for Scotland under Westminster control looks bleak as the UK is set to be the worst performing economy in the G20. It is clear why Scotland needs to escape the chaos of Westminster and become an independent country.
"This dismal performance is due to nothing more than Tory economic incompetence and their disastrous Brexit. They are taking the UK economy into a tailspin and Scotland is being dragged along for the ride.
"There is no hope for an upturn in fortunes under a pro-Brexit Labour government either who will keep Scotland outside the European Union no matter the economic consequences. That's despite the EU single market being seven times the size of the UK's.
"The only way for Scotland to begin to flourish is by becoming an independent country and re-join the European Union."
Labour shadow chancellor Rachel Reeves said: “IMF projections that Britain will have a smaller economy by the end of the year, and the poorest growth in the G7 over this year and next, shows just how far we continue to lag behind on the global stage.”
Chancellor Jeremy Hunt said: “Thanks to the steps we have taken, the OBR says the UK will avoid recession, and our IMF growth forecasts have been upgraded by more than any other G7 country.
“The IMF now say we are on the right track for economic growth. By sticking to the plan we will more than halve inflation this year, easing the pressure on everyone.”
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