Posted 1/30/2024, 1:00:00 PM
IMF Cautions UK Against Tax Cuts, Foresees Slower Growth; Upgrades Russia Economy Outlook
- IMF warns UK against further tax cuts ahead of upcoming Budget, says preserving public services and investment requires higher spending than government plans
- IMF downgrades UK growth forecasts for 2023 to 1.6% from 2%, leaving UK with one of slowest growth rates in G7
- Chancellor Jeremy Hunt hints at more tax cuts in Budget to boost growth, against IMF advice
- IMF forecasts world economy moving toward "soft landing" with lower inflation and resilient growth
- Upgrades growth forecast for Russia's war economy as it mobilizes resources to annex Ukraine