IMF upgrades UK’s economic outlook

The Inter­na­tion­al Mon­e­tary Fund (IMF) has upgrad­ed its growth fore­cast for the UK econ­o­my this year.

The glob­al insti­tu­tion upgrad­ed its pre­dic­tion for UK growth to 1.6% for this year from its pre­vi­ous esti­mate of 1.5%.

As well as upgrad­ing its out­look for the UK, the IMF sug­gest­ed the UK econ­o­my would per­form bet­ter than Euro­pean economies such as Ger­many, France and Italy over the next two years.

How­ev­er, the lat­est IMF fig­ures sug­gest­ed the UK econ­o­my had weak­er growth last year than the organ­i­sa­tion had expect­ed.

Rachel Reeves, Chan­cel­lor of the Exche­quer said:

‘The UK is fore­cast to be the fastest grow­ing major Euro­pean econ­o­my over the next two years and the only G7 econ­o­my, apart from the US, to have its growth fore­cast upgrad­ed for this year.

‘I will go fur­ther and faster in my mis­sion for growth through intel­li­gent invest­ment and relent­less reform and deliv­er on our promise to improve liv­ing stan­dards in every part of the UK through the Plan for Change.’

Inter­net link: IMF HM Trea­sury