UK outlook upgraded by IMF but remains second slowest G7 economy

Set to avoid recession

The UK has seen a huge turnaround in its economic outlook, with the International Monetary Fund now predicting it will grow by 0.4% this year and avoid a recession.

This compares to a 0.3% contraction initially predicted in April, when the UK was forecast to be the worst performing economy in the world.   In its latest assessment of global economic prospects, the IMF said the improvement was a result of "stronger-than-expected consumption and investment from the confidence effects of falling energy prices". IMF: UK expected to avoid recession in 2023 It added the Windsor Framework agreement, announced by Rishi Sunak in February, had also helped trade between Northern Ireland and Great Britain thanks to "lower post-Brexit uncertainty".    Howe...