IMF undercuts UK Govt's growth forecast

Although the IMF has upgraded its UK growth forecast to 1.8% in 2008 and 1.7% in 2009 (up from a previous forecast of 1.6% for both years), it is more pessimistic than the British Government's 2% in 2008 and 2.5% in 2009 projections. Overall, the IMF has upgraded its forecast for the global economy, but says the situation is still difficult. In April, the IMF predicted global GDP growth in 2008 would be just 3.7%, but has now upgraded its forecast to 4.1%. However, this is still significantly lower growth than the 5% recorded in 2007, and the IMF says the global economy remains in a “t...