IMF upgrades UK growth forecast to 1.4pc

Robyn Hall

October 9, 2013

And the forecast for next year’s growth was upwardly revised from the 1.5% projection made in July to 1.9%.

The upgrades, which were higher than any other country, were attributed to increased consumer and business consumer confidence.

But the IMF cut its forecast for global growth by 0.3% to 2.9% for 2013 with next year suffering a slightly smaller downgrade of 0.2% to 3.6%.

The negative revisions were made in light of weaknesses in the emerging economies.

In its report it warned that it could take years for the UK to fully recover from the effects of the 2008 financial crisis and to boost the economy further the UK government should bring forward infrastructure projects such as building new homes.

Sign up to our daily email