IMF Upgrades UK Economic Outlook, No Recession Expected

The International Monetary Fund (IMF) has revised its forecast for the UK economy, stating that it no longer expects a recession this year. The IMF praised the government's efforts to stabilise the economy and fight inflation, warning against pre-election tax cuts. The UK's GDP is now expected to grow by 0.4% in 2023, compared to the previous prediction of a 0.3% contraction. The IMF warned that the outlook remains subdued, but said the government was on the right track. The biggest near-term threats to the UK's economic outlook are inflation and unsustainable increases in wages, according to the IMF.