Recession will be over by Christmas, says IMF
Britain’s recession will end this year, with the economy returning to anaemic growth in 2010, the International Monetary Fund (IMF) said yesterday, as it upgraded its view of prospects for the UK and other leading economies.
In a boost for Alistair Darling’s predictions that Britain’s worst postwar slump will be over by Christmas, the IMF sharply raised its UK forecasts for next year.
It now predicts insipid growth of 0.2 per cent, compared with the 0.4 per cent decline that it expected in April and with a savage 4.2 per cent slump still projected for this year.
The Chancellor will welcome the fund’s backing for his hopes for an imminent end to the recession, but the IMF’s growth projection falls a long way short of Mr Darling’s bet on a much stronger expansion, of between 1 and 1.5 per cent — a blow to the Government’s hopes of fighting an election next year framed by recovery.
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