The Bank of England, in London, Britain, March 23, 2020. (Photo from CGTN)

Britain's economy is set to shrink 11.3 percent this year, suffering the greatest annual slump in more than three centuries on coronavirus fallout, the government forecast Wednesday.

The economy is expected to rebound 5.5 percent next year and 6.6 percent in 2022, finance minister Rishi Sunak told parliament.