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IMF expects 4.2% worldwide economic growth

The IMF (International Monetary Fund) has today issued a new report regarding the worldwide economy with a suggestion that growth will be 4.2% for the current year. This is a significant upgrade on the earlier forecasts although there is a warning that the performance of individual economies would vary significantly across the board.

As with the UK, the IMF has cited problems with government spending, national debt and budget deficits as some of the more problem areas which will impact upon the most troubled economies. While the UK economy is expected to show growth through 2010, there is real concern about the level of national debt and the budget deficit which is unlikely to fall below £80 billion a year over the next four years.

In some ways the UK economy has been greatly assisted by the weak currency which is attracting exports although in reality, when the economy does begin to improve we will see the currency strengthen which will negate any potential benefits to exports in the future. All in all, it is a very difficult balancing act to try and ensure that the UK economy shows constant growth in the future, national debt comes down and the budget deficit is tackled as soon as possible. Not a comfortable situation!

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