UK growth forecast improved by IMF

<p>The IMF has increased its growth forecast for the UK’s economy.</p>

The UK's economy is expected to grow by 0.9 per cent this year, according to a revision announced by the International Monetary Fund (IMF) today (July 9th).

It had previously been predicted there would be a 0.7 per cent expansion in the nation's economy in 2013, but the IMF has now revised this figure upwards.

At the same time, it was confirmed that the IMF has cut its forecast for global economic growth.

A Treasury spokesman welcomed the Fund's upgrade, noting that the economy in the UK is now moving from "rescue to recovery".

He said: "But the IMF again warns of the continued risks to the global economy, showing that the recovery cannot be taken for granted."

The UK's economy grew by just 0.3 per cent in the first quarter of the year, according to data revealed by the Office for National Statistics.

However, the body said the economy did not fall into a double-dip recession as it had previously claimed.

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