UK economic outlook improves as IMF | business news

The International Monetary Fund (IMF) raised its growth forecast for the UK this year from 0.4% to 1.1%, the largest upward revision among developed countries.

As Prime Minister Rachel Reeves prepares to travel to Washington this week for the International Monetary Fund's annual meeting, the latest global economic outlook predicts growth will strengthen as “lower inflation and interest rates” stimulate demand.

The IMF's improved view of the UK's performance is a significant increase from the 0.7% growth forecast in July this year and a 0.6% increase from its April assessment.

The GDP growth forecast for 2025 remains unchanged at 1.5%.

Commenting on the announcement, Prime Minister Reeves said: “We welcome the IMF's upward revision to its growth forecast for this year, but we know there is more work to be done. That's why next week's budget will focus on setting the foundations to deliver change.” said. “So we can protect working people, fix the NHS and rebuild Britain.”

Use the Chrome browser for a more accessible video player

5:42 P&O row, Prime Minister on growth and workers' rights

Meanwhile, the U.S. economy is expected to grow by 2.5%, up 0.2% from the July forecast this year, before falling again to 2.2% in 2025.

On the other hand, the Eurozone's growth rate is expected to be only 0.8%, down 0.1% this year, and up 1.1% and down 0.3% next year.

The IMF's more optimistic view of the UK economy comes after official figures for the past two weeks showed a return to growth in August after two months of recession and inflation fell below the Bank of England's 2% target last month for the first time. Within three and a half years.

Ms Reeves' visit to Washington comes a week before the delivery of the first budget, a key moment for her management of the economy and the new Labor government.

An important time for the Prime Minister

The Chancellor is understood to be aiming to generate around £40bn through tax increases and spending cuts to achieve the targeted increase in public spending and make room for the foreseeable future.

Follow Sky News on WhatsApp

Follow Sky News to get all the latest news from around the UK and around the world.

Tap here

She is also expected to change the calculation of government debt to allow more borrowing to invest in infrastructure projects.

Many of the problems she is grappling with at home are reflected in the problems the IMF identified in its recent assessment of the global economy.

global issues

The report's authors concluded that “the global fight against inflation has largely been won” and that average global interest rates are expected to stabilize at 3.5% next year, below the average between 2000 and 2019.

They said that after demonstrating “extraordinary resilience” in avoiding a recession as inflation fell from a near-double-digit peak, the global economy now needs to stabilize debt levels and “rebuild necessary fiscal buffers” while improving growth prospects. They say they face challenges.

The IMF identifies a range of challenges, including regional conflicts, including in the Middle East and Ukraine. the need to ease monetary repression while strengthening fiscal policy; possible slowdown in China; There is also the risk of protectionism and trade war, along with the threat of tariffs on Chinese goods from the United States and Europe.

‘Debt stabilization’ warning

After years of increased borrowing in response to the pandemic and post-Covid-19 economic adjustment, the government must stabilize its debt and “rebuild the necessary fiscal buffers,” the IMF said in a warning that could be referred to the Treasury Department in Issue 11.

This must be done gradually and reliably to maintain market confidence and allow the country to continue borrowing at affordable rates.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos