IMF says UK economy to grow this year in big U-turn



The IMF on Tuesday delivered a major U-turn on its forecast for the UK economy, saying it expected growth this year, just one month after predicting a contraction.

Britain’s economy is now predicted to expand by 0.4 percent, the International Monetary Fund said in its latest outlook document which partly cited weaker energy prices.

The institution ripped up its previous forecast in April of a 0.3-percent contraction.

But there had still been a “significant” slowdown from 2022, when the economy grew 4.1 percent despite sky-high inflation and energy bills owing to the Ukraine war.—AFP