IMF: UK economy to perform worst in G7 this year

The IMF, which is meeting in Washington this week, downgraded its outlook for global growth and forecasted that economic output would be the weakest since forecasts were made in 1990.

Its Chief Economist, Pierre-Olivier Gourinchas, described that “we are entering a perilous phase during which economic growth remains low by historical standards and financial risks have risen, yet inflation has not yet decisively turned the corner.”

The UK received an upgrade to its economic growth forecast this year and next, but it’s still forecasted to be the worst-performing economy in the G7 this year, shrinking by 0.3%.

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