'This is perhaps the most positive of all the updates we've had for some time' The IMF says it expects UK growth to be over 5% this year and next, pointing to the successful vaccine rollout. Economics & data editor EdConwaySky has the latest. Read more:
It said that advanced economies would be similarly close to their pre-pandemic trend by then, but emerging economies would face far more significant long-term scarring.
The Fund said that the global economy will grow by 6% in 2021. This is the strongest annual growth rate since the early 1970s, but follows a 3.3% fall in 2020 - which was itself the biggest fall in output since at least the early 1950s. "Already, unprecedented economic policy actions have prevented far worse outcomes," she wrote in the foreword to the IMF's World Economic Outlook - the most closely watched.
The Fund said that the UK economy will grow by 5.3% and 5.1% this year and next. Both of these represent upgrades from its previous forecast update in January.
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