UK recovery is set to exceed expectations
The UK’s recovery is set to be faster than expected over the next two years as the world economy recovers from its worst recession since World War II.
The International Monetary Fund (IMF) forecasts that the UK economy will increase by 5.3% in 2021 and 5.1% the following year. This is the fastest growth rate since 1988. The most severe recession since 1709.
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The revised growth target means placing the UK as the third fastest growing economy in the G7 after the US and France after the worst-running of 2020. 0.8% and 0.5% respectively.
The IMF said the updated forecast was the result of “additional financial support in several large economies and the vaccine-driven recovery expected later in the year.”
The world economy was signed at 3.3% in 2020, marking the deepest recession since World War II. The figures were minimized thanks to interest rate cuts, quantitative easing and loans, as well as government support of 16 trolls around the world, the IMF said.
The IMF said the collapse in 2020 could have been tripled if not supported by the aforementioned government.
From the world of development, the US will see the fastest recovery, primarily as a result of the $1.9 TRN stimulation package by President Biden. The US is the only country expected to exceed pre-pandemic levels of GDP.
Other advanced economies are expected to recover more slowly, with the eurozone and the UK expected to return to pre-GDP levels next year, but lacking in places exposed to pre-crisis forecasts.
The unemployment rate is expected to rise from 5% to 6.1%. So, 400,000 British people will lose their jobs this year.
