Search

IMF downgrades UK’s growth forecasts as other EU countries exceed expectations

PUBLISHED: 09:12 24 July 2017 | UPDATED: 09:12 24 July 2017

File photo of new 12-sided £1 coins. Picture: Victoria Jones/PA Wire

File photo of new 12-sided £1 coins. Picture: Victoria Jones/PA Wire

A weaker-than-expected economic performance in the UK has led the International Monetary Fund (IMF) to downgrade its growth forecast.

The economy is now expected to grow by 1.7%, down from April’s prediction of 2%, according to the organisation’s latest Wold Economic Outlook.

It comes as other major European countries like Germany, France and Spain have exceeded growth expectations.

“The growth forecast has also been revised down for the United Kingdom for 2017 on weaker-than-expected activity in the first quarter,” the IMF said.

“By contrast, growth projections for 2017 have been revised up for many euro area countries, including France, Germany, Italy, and Spain, where growth for the first quarter of 2017 was generally above expectations.”

The IMF added that UK growth forecasts for next year remain unchanged at 1.5%.

A Treasury spokesman said: “This forecast underscores exactly why our plans to increase productivity and ensure we get the very best deal with the EU are vitally important.

“Employment is at a record high and the deficit is down by three quarters, showing that the fundamentals of our economy are strong.”

Search hundreds of local jobs at Jobs24

Management Jobs

Show Job Lists

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Insight

Will the cost of living continue to outstrip the rise in my pension, asks our reader. Carl Lamb of Almary Green responds.

After laying derelict for more than a decade, an RAF base in north Norfolk is now a growing business hub. BETHANY WHYMARK went to meet some of its tenants.

Green 100

cover

Enjoy the Green 100
digital edition

Read

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100