IMF’s gloomy forecasts are outdated
11 October 2023
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In the Media
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Economic Theory
11 November 2024
Julian Jessop quoted in The Daily Express and The Daily Mail
IEA Economics Fellow Julian Jessop has been quoted in The Daily Express criticising the IMF’s gloomy prediction that the UK’s economy is set for the lowest growth among G7 countries in 2024, highlighting that the forecasts are using outdates statistics on the UK’s recent economic performance.
Julian said:
“The UK numbers do not include the recent upward revisions to economic growth between 2020 and 2022. They are also based on what the markets were expecting on interest rates last month. These have since been revised down.
Julian said:
“The UK numbers do not include the recent upward revisions to economic growth between 2020 and 2022. They are also based on what the markets were expecting on interest rates last month. These have since been revised down.
“Interest rates have only recently returned to normal levels and people should not expect big cuts any time soon. But rates are likely to be cut again next year as inflation falls back to its two percent target.”
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