The International Monetary Fund is expecting the UK to avoid a recession this year, with new predictions being that the UK will grow by 0.4% in 2023 after falling energy prices.
Founded in 1944, the IMF is an international organisation with 190 countries as members working together to stabilise and aid global finances.
They monitor and support the economy by tracking financial events, advising on economic issues and issuing short-term loans during periods of struggle.
The IMF’s Managing Director, Kristalina Georgieva, said that the growth figure updating from a forecast of 0.3% last month to 0.4% this month was due to a decrease in energy prices and improved financial stability.
Although the forecast seems promising, the IMF notes that the outlook for growth “remains subdued” and the risks for the UK economy were “considerable”, the BBC reports.
The IMF predicts the economy will grow by 1% in 2024, rising to 2% in 2025 and 2026. This would be a truly positive outcome after a troubling time for the health of the British economy.