The difference between the two sets of forecasts is striking. Is the BoE too optimistic or is the IMF painting too gloomy a picture?
The International Monetary Fund – which has put Britain on the naughty step for the indefinite future – has become too political.
It’s always glass-half empty for the International Monetary Fund. This week is no exception.
The National Institute of Economic and Social Research has forecast mild growth in every quarter next year, bucking the pessimistic trend.
Jeremy Hunt is under renewed pressure to revive the economy as the IMF warns that UK growth this year will be worse than Russia’s, and half a million workers prepare to strike.
The fund’s prediction that the UK will be bottom of the G7 heap this year should be taken with a fistful of salt.
The International Monetary Fund has a proven track-record of underestimating the British economy.
The question now is about the severity and magnitude of the downturn and whether we can avoid a recession.Â
The global economy is spluttering – and inflation is giving central banks less scope to respond.
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