The UK economy is on the way to recovery amid falling inflation, Jeremy Hunt ... trends now
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GDP in the UK will grow just 0.5 per cent in 2024 – powered by a rising population rather than a dynamic economy, the International Monetary Fund (IMF) predicts.
However, with falling inflation and predicted interest-rate cuts, the Government is confident Britain is on the road to economic recovery.
The GDP of the UK has been boosted by 'inflows of migrants', the IMF's World Economic Outlook found.
It trimmed growth forecasts for the UK by 0.1 percentage points for this year and next, to 0.5 per cent and 1.5 per cent respectively.
The IMF forecasts that, when calculated per head, GDP - which measures the monetary value of goods and services produced within Britain - will flatline in 2024.
Chancellor Jeremy Hunt said the IMF update showed 'the UK economy is turning a corner'
The UK and other advanced economies have seen their workforces boosted by 'increased inflows of migrants with faster growth in the foreign-born than in the domestic-born labour force', the IMF said in its latest World Economic Outlook.
Its analysis showed that the foreign-born workforce had grown by around 20 per cent since the start of 2019, whereas the UK-born labour force had slightly shrunk over the same period.
The Office for Budget
