The UK will be the fastest growing major economy in 2016 according to the International Monetary Fund (IMF.) The IMF’s prediction of growth comes despite its statements that a vote to leave the EU could plunge the country into recession and create a stock market crash. The IMF is predicting that the UK will grow at 1.8% this year which is higher tan its forecast in July of 1.7%. This will make the UK the fastest growing economy in the G7. The fund predicts that the global growth will remain at 3.1%. This is the slowest growth since the financial crisis in 2008.
However the IMF warned that the UK’s decision to leave the EU is likely to permanently impact its long term growth prospects. It reduced its UK 2017 growth forecasts from 1.3% made in July to 1.1%.
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