The historic shift with the two Nordic countries comes as a result of Russia's invasion of Ukraine.
Britain's economy shrank for the first time in 2022 after GDP fell 0.1% in March as surging inflation puts the tightest squeeze on household spending.
The BoE warned on Thursday that inflation was heading to a 40-year high of 10%, while unemployment was set to hit 5.5% by 2025, sending the pound slumping to two-year lows.