The UK is set to become the worst performing G7 economy this year, as the IMF says the world economy is entering a 'perilous phase'
The IMF which monitors the international monetary system, is holding its Spring meetings in Washington this week and made the announcement in light of the latest results.
The IMF's chief economist, Pierre-Olivier Gourinchas, added that results show inflation has had a bigger impact on world economies than first expected.The IMF, which is holding its Spring meetings in Washington this week, made the announcement in light of results showing world economic output was at its weakest level since the publishing of forecasts began in 1990.
Mr Gourinchas said: "We are… entering a perilous phase during which economic growth remains low by historical standards and financial risks have risen, yet inflation has not yet decisively turned the corner."Judge asks jury if it's fine to call them 'ladies and gentlemen' and says he understands some view that as old-fashioned
The UK's figures are contrasted by those of the US, with forecast showing the country's economy looks set to grow by 1.6% this year, and 1.1% in 2024."Inflation is much stickier than anticipated even a few months ago. While global inflation has declined, that reflects mostly the sharp reversal in energy and food prices.
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