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UK Economy Gets a Boost
Recently, the International Monetary Fund (IMF) raised its growth outlook for the UK to 0.7% from 0.5%. This positive outlook provides a further boost to the country’s new government, following two years of stagnation. The UK fell into a shallow recession in the second half of 2023, but with GDP growth in May exceeding analyst expectations at 0.4%, there is optimism for the future.
Investment bank Goldman Sachs and Deutsche Bank have also revised their forecasts for the UK economy, citing factors such as fiscal plans, regulatory reform, and closer trade ties with the European Union. The upcoming Euro 2024 soccer championship and events like Taylor Swift’s Eras Tour are expected to contribute to economic growth as well.
Global Economic Outlook
In addition to the UK, the IMF has also made adjustments to its growth forecasts for other economies. The eurozone, Spain, and China have all seen upgrades, while the US has experienced a slight downgrade. Worldwide growth is projected at 3.2% this year, with Asia driving strong exports and global activity.
However, the IMF has highlighted potential challenges in the services sector affecting the disinflation process and monetary policy decisions. Factors like escalating trade tensions and policy uncertainty could impact inflation and interest rates in the future.
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— CNBC’s Sophie Kiderlin and Vicky McKeever contributed