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UK Growth Forecast cut by IMF

The International Monetary Fund (IMF) has delivered a blow to the UK economy and the Chancellor, by slashing the growth forecast for 2012. The figures, although not hugely varied, will mean that instead of 0.2pc growth for the year as predicted in July, the UK will continue to be battle against recession as the economy shrinks by 0.4pc.

This announcement is in line with the overall outlook from the IMF at the global economy in the latest World Economic Outlook, the results of which revealed that previous forecasts had been ‘over optimistic’. The IMF expects a global economic growth of 3.3pc for 2012, instead of the 3.5pc which was originally forecast.

This however is to be the last predicted period of the double-dip recession, and even with the prudence of being over optimistic once again, growth of 1.1pc is forecast for the UK economy in 2012, a better prediction than that for the Eurozone.

This will be encouraging for businesses across the UK, especially in the manufacturing sector, who have struggled in their battle against the recession. 2012 has already seen the demise of some high profile UK companies, including the recent liquidation of JJB Sports PLC.

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