The Latest Breaking News from International Monetary Fund

The leading economists increased their prediction for GDP growth in the UK in 2024 from 0.7 per cent to 1.1 per cent

The International Monetary Fund has upgraded its economic outlook for the United States this year, while lowering its expectations for growth in Europe and China

Only Spain was given a bigger economic upgrade by the IMF, making the UK the biggest beneficiary for extra growth in the G7 – although the US’s new growth rate of 2.8 per cent is higher

New report upgrades outlook for UK economy with growth now forecast at 1.1% rather than 0.7%

Optimistic forecasts could be upset by high borrowing costs, war in the Middle East – or a Trump election win

It came as the financial agency held its forecasts for the global economy steady for 2024, with a slight downgrade for next year.

Treasury Secretary Janet Yellen is telling world financial leaders that the U.S. economy has grown stronger because the Biden administration rejected isolationism, offering a barely veiled criticism of former President Donald Trump’s policies two weeks before the U.S. election

IMF predicts UK will grow by 1.1% this year, making it the joint third-fastest G7 country, but debt consolidation will be a challenge

Loans will be repaid using interest generated by $300bn of frozen Russian assets held in the west

This week coming up we have more earnings reports, an IMF meeting, and a few other news releases.

In Washington, finance ministers will face pressure for action to reduce their own debt and offer more resources to poorer nations