The IMF’s UK growth forecast for this year upgraded to 1.4%

The International Monetary Fund (IMF) has significantly upgraded its forecast for UK growth this year, the estimate now being set at 1.4%, up from July's value of just 0.9%.

Additionally, a news report on the matter has also revealed that the IMF's forecast for next year expects UK growth of 1.9%, up from July's projection of 1.5%.

The International Monetary Fund explained that the recent data was based on higher levels of consumer and business confidence, but also warned that it would still take years for the UK economy to recover fully from the 2008 financial crisis.

Unfortunately, while figures related to the UK economy are on a positive trend, estimates for the rest of the world are actually slightly worrying, as the IMF expects a global growth of 2.9% this year, a cut of 0.3% from July's estimate. In 2014 it expects global growth of 3.6%, down 0.2%.

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