IMF upgrades UK growth forecast as fears over impact of Iran war diminish

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The IMF upgraded the UK's GDP growth forecast to 1% for 2024, making it the third fastest-growing economy in the G7. The update reflects reduced concerns over the economic impact from the Iran war compared to earlier fears.

July update projects GDP growth of 1% this year, making UK the third fastest-growing economy in the G7 The International Monetary Fund (IMF) has upgraded its growth forecast for the UK, while leaving those for other G7 countries weaker or unchanged, amid hopes the economic impact of the Iran war may be less severe than feared. In a July update of its World Economic Outlook, which was finalised before the latest outbreak of hostilities in the Middle East, the Washington-based organisation projected UK gross domestic product to grow by 1% this year – up 0.2 percentage points from its April forecast. Continue reading...