It came as bosses at the finance body said the global economy is ‘limping along’.
The UK is forecast to record the weakest economic growth across the G7 group of advanced economies next year, according to the International Monetary Fund .
The IMF, in a new assessment of the UK economy, marginally upgraded its growth prediction for UK gross domestic product this year to 0.5%, from 0.4%. The IMF said the UK economy is set to grow by 0.5% this year, meeting one of Chancellor Jeremy Hunt’s pledges for growth in 2023 It had previously pointed towards 1% growth for 2024 but on Tuesday reduced this prediction to 0.6% amid pressure from higher interest rates.
IMF director of research, Pierre-Olivier Gourinchas, said: “The global economy continues to recover from the pandemic, Russia’s invasion of Ukraine and the cost-of-living crisis. In retrospect, the resilience has been remarkable.
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