Economics

IMF eyes ‘turning point’ for global economy

Britain faces the bleakest two years of any major industrial nation with a recession in 2023 and the slowest growth of peers in 2024

The IMF said global Gross domestic product (GDP) will likely expand 2.9 per cent in 2023, 0.2 percentage point more than forecast in October

The International Monetary Fund (IMF) sees a “turning point” for the global economy as it raised its growth outlook for the first time in a year, with resilient US spending and China’s reopening buttressing demand against a litany of risks.

However, it said Britain faces the bleakest two years of any major industrial nation with a recession in 2023 and the slowest growth of peers in 2024.

The UK will be the only Group of ...