25/01/2012 - Double Dip Forecast For UK, Europe Not US
Double Dip Forecast For UK, Europe Not US.
The International Monetary Fund (IMF) has cut its growth forecasts for a number of major European economies for 2012 due to ongoing concerns about the region’s recovery.
The UK has had its growth forecast cut from 1.6% to 0.6%. Germany is now predicted to grow in 2012 by only 0.3%, which is a drop from 1.3% originally predicted in September and France is expected to grow by just 0.2% in 2012, down from 1.4%.
The IMF are predicting the global economy will grow by 3.25% in 2012, down from an earlier forecast of 4%.
Last year the IMF stated that if growth didn’t reach its expectations then the British government should reconsider its austerity measures. Now the IMF has slashed their growth forecasts, they are calling on countries with low interest rates, like the UK, to reconsider the speed of their spending cuts and tax rises.
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