Britain, with the fastest growth in Europe - IMF: Ranks third among G7 countries, after the US and Canada
Britain will have the fastest growth among major European economies this year, according to the International Monetary Fund. The IMF raised its forecast for Britain in 2025 by 0.1 percentage point, to 1.6%, ranking it third among the most advanced G7 economies, behind the United States and Canada.
The IMF's outlook for British gross domestic product growth in 2026 remained at 1.5%, again the third fastest in the G7 and unchanged from the October assessment.
Analysts said the "modest" improvement in growth reflected a net positive impact from Reeves' first budget on October 30, as higher public investment will outweigh the problems created by higher taxes. The Bank of England is also expected to cut rates about once a quarter through 2025.
Reeves said she would "go further" to deliver economic growth. The central bank forecast growth of 1.5% in 2025, partly reflecting the short-term boost to the economy from the temporary increase in public spending, which Reeves announced on October 30.
Last month, the Organisation for Economic Co-operation and Development also raised its forecast for UK economic growth to 1.7% from 1.2% previously. However, Reeves' spending plans are based on the Government Office for Budget Responsibility's forecasts of 2% growth for 2025 and 1.8% for 2026.
The British government's 30-year borrowing costs hit their highest level since 1998, due to a global bond sell-off, fueled by concerns about higher inflation and borrowing under Donald Trump's presidency.
Britain's economy stagnated in the third quarter of 2024, as the prospect of huge tax increases in the Labour government's budget hit companies and the Bank of England estimates there was zero growth in the final quarter of the year.
Poll
Modernization of oil production - Albpetrol, 78.8 million tender for the intelligent system
The state-owned oil company in Albania "Albpetrol" JSC has announced the opening of the tender for the implementation of Smart Solution in the oil extraction......
Britain plans to increase the price of the ETA travel permit just a few days after departure: How much does it cost and how to apply?!
Visiting the UK is about to get more expensive as the country’s new travel permit rollout begins. Visitors from Europe don’t need an Electronic Travel......
Billionaires' wealth increases significantly - Oxfam predicts five trillionaires in a decade!
The eurozone's GDP is roughly $15 trillion (€14.5 trillion), equivalent to what billionaires around the globe will own in 2024. The number of people with the......
Trump "pave the way" for cryptocurrencies - Plans regulatory relief for industry expansion
President-elect Donald Trump is planning to use executive power to reduce the regulatory burden facing cryptocurrency companies and promote the adoption of......
First day as US president - Trump expected to sign more than 50 executive orders on Monday
Donald Trump plans to sign more than 50 executive orders on Monday and possibly more than 100 on the first day of his second presidency. Trump will be sworn......
Green vehicles are increasing in Albania - DPSHTRR: 40% of new cars are electric
The year 2024 has marked a significant increase in the green vehicle fleet in Albania. The General Directorate of Road Transport Services reports that......
What will Albania-US relations be like with Trump at the helm? - Visha: Closer cooperation, especially in the field of investments
With the inauguration of Donald Trump as the 47th president of the United States of America, in addition to opening a new chapter in US and world history, a......
Energy purchase and sale contracts change - FTL proposals, small HPPs can sell on the free market
Producers with Priority Energy will also be able to sell the generated energy on the free market. Everything is specified in the new draft contract proposed......
