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IMF: UK Economy to Grow by More Than European Neighbours in 2017

The UK economy is projected to experience higher growth than France, Germany and Italy next year, in spite of Brexit, says the International Monetary Fund.

IMF Post-Brexit Projections: UK to Grow By More than European Neighbours

The UK economy is projected to experience higher growth than France, Germany and Italy next year, in spite of Brexit, says the International Monetary Fund.

Following the announcement of the UK’s decision to leave the European Union last month, there has been a large amount of speculation regarding the economic outlook for the UK in the coming months.


In an announcement to the press, the chief economist for the International Monetary Fund (IMF), Maury Obstfeld, revealed that whilst the economic forecast for the UK had been revised down following Brexit, the rate of growth for the UK remained higher than many fellow European nations.


The IMF now indicate that the UK’s GDP growth is now projected to stand at 1.3%, whilst France, Germany and Italy are expected to grow at a rate of 1.2%, 1.2% and 1% respectively.


Whilst the news of growth is positive for the UK, this latest estimate has been revised down from the previous projection of 2.2% growth for 2017.


Responding to news of the IMF’s latest projections, a spokesperson for the Treasury said: ‘The decision to leave the European Union marks a new phase for the British economy, but the message we take to the world is this: our country remains open for business.’


The projections of growth from the IMF follow reports earlier this week that the house building deficit continues to drive demand for property in the UK.


According to Yorkshire Building Society, there is currently a shortage of 1.2 million homes in the UK, meaning that many are turning to the private rented sector as a source of accommodation.

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