The UK economy will grow more slowly than expected this year as it recovers from the Covid pandemic, the International Monetary Fund has said.
Overall, the IMF now expects global growth to go from 5.9% in 2021 to 4.4% in 2022, half a percentage point lower for this year than in its last prediction in October 2021."The global economy enters 2022 in a weaker position than previously expected," said the IMF report."Rising energy prices and supply disruptions have resulted in higher and more broad-based inflation than anticipated, notably in the US and many emerging market and developing economies.
It said supply chain disruptions, energy price volatility and localised wage pressures meant that "uncertainty around inflation and policy paths" was high.US economic growth for this year was downgraded by the IMF from 5.2% to 4% after it removed the effects of President Joe Biden's Build Back Better fiscal policy package from its calculations.China's forecast for 2022 was cut from 5.6% to 4.8%.
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