Washington, April 18 (QNA) - The International Monetary Fund revised upwards on Tuesday its forecast for economic growth in the UK. It was the second time in three months that the IMF has done so, admitting that the performance of the economy since the Brexit had been stronger than expected.
The IMF released its World Economic Outlook and said it forecast economic growth of 2 percent for the UK during the UK. It will be the second-fastest growing developed economy behind the US based on the IMF's report.
During its October 2016 report, the IMF saw the United Kingdom growing at just 1.1 percent. A faster pick up than expected in the economy saw the IMF updating that to 1.5 percent. Despite the upbeat news for 2017, the fund expects growth to slow to 1.5 percent in 2018.
As for global growth, the Fund also increased its growth forecast to 3.5 percent in 2017 and 3.6 percent in 2018. The report warned however against the impact the implementation of protectionist policies would have on growth prospects. (QNA)