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The Guardian - UK

Business

Heather Stewart Economics editor

IMF upgrades UK growth forecast as fears over impact of Iran war diminish

International Monetary Fund United Kingdom Iran G7 Andy Burnham Economy

The Bank of England — At the height of the Iran war, it was feared the Bank of England might increase interest rates several successive times. Photograph: Tayfun Salcı/ZUMA Press Wire/REX/Shutterstock

The International Monetary Fund (IMF) has upgraded its growth forecast for the UK, while leaving those for other G7 countries weaker or unchanged, amid hopes the economic impact of the Iran war may be less severe than feared.

In a July update of its World Economic Outlook, which was finalised before the latest outbreak of hostilities in the Middle East, the Washington-based organisation projected UK gross domestic product to grow by 1% this year – up 0.2 percentage points from its April forecast.

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