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--WEO Sees UK 2017 Growth At 1.7% vs 2.0% April Forecast
By Les Commons
LONDON (MNI) - The International Monetary Fund sees economic growth in the
UK modestly lower than previously forecast for the current year, weighed by
weaker than expected domestic demand as the country prepares to leave the
European Union, the October edition of the World Economic Outlook shows.
The IMF now sees UK growth in 2017 at 1.7%, 0.3 percentage point lower than
envisaged at the time of the April WEO.
However, the IMF forecasts have left 2018 growth expectations unchanged at
1.5%. Both the 2017 and 2018 forecasts are unchanged from the July 2017 update.
The weaker-than-expected growth "the slowdown is driven by softer growth in
private consumption as the pound's depreciation weighed on household real
income," the IMF WEO says.
The IMF still see Brexit likely having an adverse impact on the UK economy,
with the fallout starting to impact from next year, but dependent on any trade
"The medium-term growth outlook is highly uncertain and will depend in part
on the new economic relationship with the EU and the extent of the increase in
barriers to trade, migration, and cross-border financial activity," the report
The IMF see inflation picking up in 2017, sitting above the Bank of
England's 2% inflation target in both 2017 and 2018. The WEO forecasts inflation
at 2.6% in 2017, up from 2.5% in the April forecast, and 2.6% in 2018.
--MNI London Bureau; tel: +44 203-586-2225; email: email@example.com