Member Article

Britain’s economic growth forecast downgraded

The International Monetary Fund (IMF) has slashed its economic growth forecast for Britain. The estimated growth of Britain’s GDP was lowered to 0.2% this year, 0.6% less than its previous forecast in April.

IMF warned that slow growth could cause less tax income and higher costs for the government due to increasing unemployment rates and welfare bills.

Ed Balls MP, Labour’s shadow chancellor, worried about the government’s economic plan. He said: “Less than a year on, the IMF is now forecasting growth of just 0.2% this year and Britain is one of just two G20 countries in a double-dip recession. And the recession means borrowing is now going up.”

This was posted in Bdaily's Members' News section by Yu-Chih Lin .