Backtracking IMF admits UK is fastest growing G7 economy, despite post-Brexit recession warning...

The International Monetary Fund (IMF) has backtracked on its gloomy post-Brexit forecast for Britain, now saying the UK will boast the fastest-growing major economy in 2016.

In its new report, the IMF predicts the UK’s gross domestic product (GDP) will grow by 1.8 percent this year ahead of the US, Germany, Japan and other members of the G7.

Prior to the June referendum, the IMF claimed a Brexit would plunge the UK into recession. It has now conceded that those warnings proved to be overly pessimistic.

However, it forecast a sharp slowdown in 2017, claiming the economy would eventually suffer from the shock of the EU referendum result. It said expansion next year would be just 1.1 percent, lower than expected in the immediate aftermath of the Brexit vote.

The IMF’s economic counsellor, Maurice Obstfeld, said the Brexit vote left the future of UK’s trade and financial relations with the other 27 EU member states unclear. Full story...

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