The International Monetary Fund no longer expects a recession in Britain this year, it said on Tuesday, praising steps taken by the government to stabilise the economy and fight inflation and warning against pre-election tax cuts.
The IMF said gross domestic product now looks set to grow by 0.4% in 2023 rather than contracting by 0.3% as it had predicted in April. The earlier forecast was the weakest for any major economy this year but the new growth projection would see Britain edge ahead of some rich world peers including Germany.
Read More : IMF Delivers Optimistic Outlook: Britain’s Recession Risk Eliminated in 2023