The International Monetary Fund (IMF) has today downgraded the 2017 growth forecast for the UK from its previous 2% growth down to 1.7%. The IMF also confirmed that the UK had the slowest economic growth of any major economy in the first quarter of 2017.
Markus Kuger, economist at Dun & Bradstreet, said:
“The IMF’s downgrade reflects the undercurrent of political and economic uncertainty in the UK, as the impact of Brexit on the economy remains unclear. The first quarter of the year saw a mediocre economic performance and Dun & Bradstreet rates the level of risk in the UK as ‘deteriorating’.
The slow progress of Brexit negotiations is creating considerable unpredictability for businesses operating in and with the UK. This has only been intensified by the results of the general election in June, as the government’s narrow parliamentary majority is further complicating the process of leaving the EU”.