It’s not just Britain that has a growth problem. Today’s release of the IMF’s April 2024 World Economic Outlook report argues that the global economy is following the lacklustre trend. Global growth is expected to sit at 3.1 per cent by 2029: ‘at its lowest in decades’. Global growth is forecast to move at the same pace this year as it did last year, growing at 3.2 per cent in 2024 and 2025. This year’s forecast is a small, 0.1 percentage point uplift from the IMF’s January prediction, yet the forecaster warns that higher interest rates, weak productivity, and ongoing international insecurity will all continue to combine to suppress growth.
Within this bleak picture, how does the UK look compared to its counterparts? As has been the case for some time now, the IMF’s outlook for Britain isn’t great – but is not the worst among advanced nations. The IMF predicts the UK economy will grow by 0.5
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