Wednesday, April 9, 2008

IMF cuts UK growth forecast

Go to Financial TImes original
The IMF has cut its UK growth forecast for this year and scaled back sharply the outlook for 2009, according to a leaked report of its World Economic Outlook projections set for release later on Wednesday.

The revised growth projection of 1.6 per cent for 2008 - down from 1.8 per cent - and a similar level for next year compared to an earlier forecast of 2.4 per cent, comes less than a month after Alistair Darling, the Chancellor, cut his own forecasts for the UK economy.

The report also comes just a week after the Washington-based institution said that UK house prices are overvalued by nearly 30 per cent. Its view on UK house prices is underscored in the latest report where it is forecasting a drop of 10 per cent in values.

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