Britain’s recovery will be faster than expected over the next two years as the world economy rebounds from the worst global recession since the Second World War on the back of the rapid vaccine rollout and unprecedented amounts of government support.
In its latest forecasts, the International Monetary Fund (IMF) said that the economy would grow by 5.3 per cent this year and 5.1 per cent in 2022, the fastest growth since 1988 and an upgrade since January of 0.8 and 0.1 percentage points respectively. Last year the economy shrank by 9.8 per cent, the deepest recession since 1709.
The revisions leave the UK as the third quickest growing G7 economy in 2021 after the US and France, having been the worst performing in 2020.