IMF WARNS ECON­OMY IS IN ‘A DAN­GER­OUS PLACE’

Midweek Sport - - NEWS -

THE In­ter­na­tional Mone­tary Fund ( IMF) has slashed its growth fore­casts for the UK — warn­ing that the global econ­omy is in a “dan­ger­ous new phase”.

The UK will see gross do­mes­tic prod­uct grow 1.1% this year (com­pared with the IMF’S last eco­nomic re­port in April of 1.7%) and by 1.6% in 2012 (com­pared with 2.3%).

The fore­casts for the UK in 2011 fall be­hind pro­jec­tions for Ger­many, France, US and Canada.

The down­grade is the lat­est blow to the UK’S re­cov­ery prospects af­ter the in­flu­en­tial think-tank OECD cut its es­ti­mate f or growth.

But the gloomy UK out­look is un­likely to de­ter Chan­cel­lor Ge­orge Os­borne f rom his stiff pro­gramme of spend­ing cuts and tax re­form.

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