Good news for the UK economy

After a tough few years, the UK economy appears to be on the recovery track.

The latest International Monetary Fund (IMF) economic growth forecast sees predicted growth in the UK economy of 0.9% in 2013.

This is up from a previous forecast of 0.7%.

It is the first time since April 2012 that the IMF has raised its outlook for the UK. It cut the forecast from 1% to 0.7% in April this year.

Despite this being a modest forecast improvement, it will certainly be seen as a step in the right direction.

In addition to raising its forecast for UK economic growth, at the same time the IMF cut its global economic forecast.

Weakness in emerging market economies has resulted in a forecast cut from 3.3% to 3.1% in 2013.

The 2014 global forecast was also cut, from 4% to 3.8%.

Expected slower growth in China, Russia, Brazil, India and South Africa contributed to these forecast cuts, as well as an expectation that difficult political and economic transitions in the Middle East and North Africa would slow things down.

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