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26 July 2023 - IMF forecasts say UK will outperform Germany
The Chief Economist at the IMF, in delivering the Funds’ latest review, made a wide-ranging speech yesterday in which he outlined the Fund’s view of the world economy as well as his expectations for growth and inflation.
His most significant predictions were around Europe, where he believes that the UK economy, although still struggling to make any headway, only growing by 0.4% this year, will outperform Germany, which is stuck between stagnation and recession.
Pierre-Olivier Gourinchas told his audience that the UK's upgrade from a 0.3% contraction in its earlier report was due to stronger-than-expected consumption figures and the confidence that has been derived from the fall in energy prices.
The Windsor Protocol has reduced the level of uncertainty surrounding Brexit, but only Germany will perform worse than the UK among the G7 nations.
The UK’s financial sector has shown “surprising resilience” following the collapse of Credit Suisse and is not showing any signs of a significant issue with bad or doubtful loans.
Beyond Currency Market Commentary:
Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.
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By CurrencyTransfer
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The Chief Economist at the IMF, in delivering the Funds’ latest review, made a wide-ranging speech yesterday in which he outlined the Fund’s view of the world economy as well as his expectations for growth and inflation.
His most significant predictions were around Europe, where he believes that the UK economy, although still struggling to make any headway, only growing by 0.4% this year, will outperform Germany, which is stuck between stagnation and recession.
Pierre-Olivier Gourinchas told his audience that the UK's upgrade from a 0.3% contraction in its earlier report was due to stronger-than-expected consumption figures and the confidence that has been derived from the fall in energy prices.
The Windsor Protocol has reduced the level of uncertainty surrounding Brexit, but only Germany will perform worse than the UK among the G7 nations.
The UK’s financial sector has shown “surprising resilience” following the collapse of Credit Suisse and is not showing any signs of a significant issue with bad or doubtful loans.
Beyond Currency Market Commentary:
Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.