IMF lowered forecasts for US, UK economic growth this year

The International Monetary Fund (IMF) has lowered its forecasts for US and UK economic growth this year, following weaker than expected activity in the first three months.

The IMF says it now expects the UK to grow by 1.7 per cent this year, compared with the 2 per cent it was previously forecasting. It said, the US will now grow 2.1 per cent, as against the 2.3 per cent it was predicting in April. Its prediction that the global economy will grow by 3.5 per cent in 2017, and 3.6 per cent in 2018, is unchanged.

In its latest World Economic Outlook, the IMF said, the pick-up in global growth that it had anticipated in its previous survey in April remains on track.

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