The UK faces another five years of high interest rates to stem rising prices, an influential global group has warned.
The International Monetary Fund expects the UK to have the highest inflation and slowest growth next year of any G7 economy including the US, France, Germany, Canada, Italy and Japan.
However, the Treasury said recent revisions to UK growth had not been factored in to the IMF’s report.
However, the Treasury said recent revisions to UK growth had not been factored in to the IMF’s report.
Forecasts are never perfect given the many factors that affect economic growth – from geopolitics to the weather. But such reports can point in the right direction, especially where they align with other forecasts.
The IMF, an international organisation with 190 member countries, has said the forecasts it makes for growth the following year in most advanced economies have, more often than not, been within about 1.5 percentage points of what actually happens.
In July last year, it forecast that the UK economy would grow by 3.2% in 2022. It revised that upwards to 4.1% at the start of this year.
But official UK figures released last month estimated that the country’s economy actually expanded by 4.3% in 2022.
According to the IMF’s latest forecast which it produces every six months, it expects the UK to grow more quickly than Germany in 2023, keeping the UK out of bottom place for growth among the G7.
The UK faces another five years of high interest rates to stem rising prices, an influential global group has warned.
However, the Treasury said recent revisions to UK growth had not been factored in to the IMF’s report.
The International Monetary Fund expects the UK to have the highest inflation and slowest growth next year of any G7 economy including the US, France, Germany, Canada, Italy and Japan.
Forecasts are never perfect given the many factors that affect economic growth – from geopolitics to the weather. But such reports can point in the right direction, especially where they align with other forecasts.
However, the Treasury said recent revisions to UK growth had not been factored in to the IMF’s report.
However, the Treasury said recent revisions to UK growth had not been factored in to the IMF’s report.
Forecasts are never perfect given the many factors that affect economic growth – from geopolitics to the weather. But such reports can point in the right direction, especially where they align with other forecasts.
The IMF, an international organisation with 190 member countries, has said the forecasts it makes for growth the following year in most advanced economies have, more often than not, been within about 1.5 percentage points of what actually happens.
In July last year, it forecast that the UK economy would grow by 3.2% in 2022. It revised that upwards to 4.1% at the start of this year.
But official UK figures released last month estimated that the country’s economy actually expanded by 4.3% in 2022.
According to the IMF’s latest forecast which it produces every six months, it expects the UK to grow more quickly than Germany in 2023, keeping the UK out of bottom place for growth among the G7.
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