IMF rejects criticisms of its latest UK growth forecast

11 Oct 2023

The International Monetary Fund (IMF) has rejected government criticisms of its latest UK economic growth forecast.

According to the IMF's forecast, the UK is on track to have the slowest economic growth of any G7 economy, behind Germany, France, the US, Italy, Canada and Japan. It estimates that the UK economy will grow by just 0.6% in 2024 – the slowest growth rate of any developed country.

The IMF also predicts that the UK will have the highest inflation rates in 2024. In its report, the IMF said that the 'decline in UK growth reflects tighter monetary policies to curb still-high inflation and lingering impacts of the terms-of-trade shock from high energy prices'.

Commenting on the forecast, Pierre Olivier Gourinchas, Chief Economist at the IMF, said: 'We're above the Bank of England estimate [for growth] for next year, so I don't think we are particularly pessimistic. I think we're trying to be honest interpreters of the data here.'

Home | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2024 Penn Management Services. All rights reserved. | Company Number: 03655701

Penn Management Services, 1 & 2 Heritage Park, Cannock, Staffordshire WS11 7LT
We use cookies on this website, you can find more information about cookies here.

In accordance with the disclosure requirements of the Services Regulations 2009, our professional indemnity insurer is Allied World Assurance Company (Europe) Limited, of 20 Fenchurch Street, 18th and 19th Floors, London EC3M 3BY. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of Amercia or Canada.

We are registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C008875364.