The UK is set to be the third fastest growing economy out the world’s so-called most advanced economies this year and the next, after US and Canada.<\/p>\n
The IMF, which is a group of 190 countries that work together to try to stabilise the global economy, said the upgrade to its global predictions included trade “front-loading” in recent months – referring to the rush of imports into the US.<\/p>\n
It forecast global growth of 3% in 2025 and 3.1% in 2026, up from 2.8% and 3% in its April report.<\/p>\n
However, that is still below the 3.3% rate it had projected for both years in January, prior to US President Donald Trump taking office, and the pre-pandemic historical average of 3.7%.<\/p>\n
American firms rushed products into the country earlier this year to try to get ahead of new taxes on imports pledged by Trump.<\/p>\n
The IMF said this created risks that could add to any future economic shocks, including companies, having too much stock, making future imports less necessary.<\/p>\n
Also, firms may have to pay more to store goods, and there was also a risk of items becoming obsolete, it said.<\/p>\n","protected":false},"excerpt":{"rendered":"The UK is set to be the third fastest growing economy out the world’s so-called most advanced economies…\n","protected":false},"author":2,"featured_media":31888,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-31887","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/31887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=31887"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/31887\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/31888"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=31887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=31887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=31887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}