IMF upgrades UK GDP forecast

The International Monetary Fund has upgraded its forecast for the UK economy this year, despite downgrading its global outlook.

In its World Economic Outlook report, which is issued every six months, the IMF upgraded its forecast for growth in the UK to 1.4% this year, and 1.9% in 2014. This is up from forecasts made in July of 0.9% and 1.5% respectively, and is the biggest improvement out of all the G7 nations. The upgrade indicates that the IMF believes Britain has turned a corner, with improved business and consumer confidence. However, the organisation was not all positive about the UK as it noted that output remained below its pre-crisis levels and would likely remain so for many years. On a global ...