IMF Cuts U.K. Forecast as Brexit Inflation Knocks Consumers
- Economy prediced to grow 1.7% this year instead of 2%
- Household wellbeing deteriorates most in three years
IMF Sees U.S. Fading as Growth Engine
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The International Monetary Fund revised down its 2017 growth forecast for the U.K., citing slower-than-expected expansion at the start of the year.
The pace will slow to 1.7 percent from 1.8 percent in 2016, the IMF said in an update of its World Economic Outlook, after predicting a pickup to 2 percent in April. The cut comes after growth in the first three months of the year dipped to 0.2 percent, and data this week are likely to show barely any recovery in the second quarter.