The International Monetary Fund has lifted its prediction for the UK economy this year, but the move would still leave the country as one of the worst-performing globally.
The IMF said in its latest World Economic Outlook that the UK economy is likely to contract by 0.3% this year, better than a prediction of -0.6% made in January.
That would leave the country as one of only two large, advanced economies to shrink, with Germany contracting by 0.1%.
The UK should then return to growth of 1% in 2024, the fund said.
In a separate report, the fund said many banks remain “unprepared” for the problems caused by rising interest rates.
Financial Times (£)
The Times (£)
BBC
Sky News
