Britain no longer heading for recession this year, says IMF
Fund upgrades UK growth to 0.4%
The International Monetary Fund has upgraded its outlook for the UK, forecasting growth this year instead of recession and no longer consigning the economy to the worst performing in the G7.
The IMF thinks that the British economy will expand by 0.4 per cent this year, a revision from the 0.3 per cent contraction that it forecast in April.
It is the second consecutive upward revision from the Washington-based fund in as many months, and means that the UK will not be the slowest major economy in the world in 2023. Germany, Europe’s largest economy, is on track to stagnate this year, making it the worst performing in the G7.
The IMF has revised up its forecasts on the back of government support measures and