IMF warns of global recession risk while criticising Mini Budget

UK inflation to remain high

Elliot Gulliver-Needham
clock • 1 min read

The International Monetary Fund has depicted a poor outlook for the global economy, while stating that the UK government’s plans for unfunded tax cuts would complicate the fight against inflation.

The IMF's monthly world economic outlook, published yesterday (11 October), stated that there was a growing risk of global recession, dropping GDP growth forecasts to just 2.7% from previous estimates of 3.2%. This is the lowest growth forecast that the IMF has published since 2001, except during the coronavirus pandemic and global financial crisis. It added that there was a 25% chance of growth falling below 2%, which has only happened five times in the last 50 years, and twice since 1982, in 2009 and 2020. UK unemployment rate falls to lowest levels since 1974 Looking to the U...

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