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Britain to be world's fastest growing developed economy: IMF
The International Monetary Fund (IMF) on Tuesday further upgraded its economic growth forecast for Britain, expecting the country to become the fastest growing among the world's advanced economies in 2014.
The IMF said in its World Economic Outlook report that Britain had been buoyed by easier credit conditions and increased confidence.
It forecast the British economy would grow 2.4 percent this year, faster than any other major European economies, higher than IMF's previous forecast of 1.9 percent.
British economic growth in 2015 is expected to be at 2.2 percent, higher than the previous forecast of 0.2 it made in October 2013.
"Growth is expected to average 2 percent in 2014-15, but economic slack will remain high," it said.
The treasury said the new British forecast was further evidence that the government's economic plan was working.
The IMF also raised its global growth outlook slightly to 3.7 percent for 2014, rising to 3.9 percent in 2015
"Global activity strengthened during the second half of 2013, as anticipated in the October 2013 World Economic Outlook. Activity is expected to improve further in 2014-15, largely on account of recovery in the advanced economies," the report said.
"In many emerging market and developing economies, stronger external demand from advanced economies will lift growth, although domestic weaknesses remain a concern," it added.
The IMF also increased its forecast for China's economy to 7.5 percent in 2014 and 7.3 percent in 2015.
[Source: Xinhua, London, 21Jan14]
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