UK growth forecast boosted by IMF

<p>The IMF has raised its growth forecast for the UK.</p>

The UK's economic growth forecast has been increased by the International Monetary Fund (IMF), although the global prediction was lowered.

It was revealed by the body that it now expects the UK's growth for the year to be 1.4 per cent, up from 0.9 per cent in its previous estimate.

The IMF says the UK's growth will rise to 1.9 per cent in 2014, which is up from the 1.5 per cent prediction the organisation made in the summer.

However, the IMF lowered its global growth forecast for 2013 to 2.9 per cent and 3.6 per cent for next year.

"Global growth is still weak, its underlying dynamics are changing and the risks to the forecast remain to the downside," it warned in its World Economic Outlook.

Greece, one of the nations still battling back from the global financial slowdown, recently revealed it expects to come out of recession next year.

Vice finance minister Christos Staikouras said the government believes Greece's recession will come to an end in 2014.

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