Downing Street defends UK economy after dire IMF forecast

Updated: Jan 31 2023 8:44PM

London, Jan 31 (PTI) British Prime Minister Rishi Sunak’s office was forced to defend the country’s economic performance on Tuesday after a dire IMF forecast that the UK is set to fare worse than any other country in the developed world.

In the latest update of its economic forecasts, the International Monetary Fund (IMF) said that it expected the UK's gross domestic product (GDP) to contract by 0.6 per cent in 2023, a downgrade from its previous assessment. Downing Street insisted that the UK's economy is strong despite the IMF warning that Britain's economy will go into reverse this year.

“The IMF itself said that UK economic policy is now on the right track,” Sunak’s official spokesperson told reporters.