HAIL BRITANIA! Britain declared fastest growing economy in developed world
There will always be an England, as the old song goes. While the United Kingdom has experienced highs and lows, it's always recovered - and prospered. This was born out by the recent news that Britain will be the best performing major economy in the developed world this year. Not only that, but it will grow at nearly twice the pace of the U.S.
Britain is now "in the fast lane of recovery' following the deepest slump in post-war history when the economy crashed by 7.2 percent under Labor.
LOS ANGELES, CA (Catholic Online) - Global financial watchdog the International Monetary Fund said it expects output in the U.K. to rise by 3.2 percent in 2014. Rival economies, in contrast, such as the U.S., Germany and France trailing in its wake.
The IMF said Britain had delivered one of the few "upside surprises" so far this year and warned that the global outlook has deteriorated.
"Increased geopolitical risks," both in Ukraine and the Middle East "could lead to sharply higher oil prices" as it slashed its forecasts for Russia.
Ministers said Britain is now "in the fast lane of recovery' following the deepest slump in post-war history when the economy crashed by 7.2 percent under Labor.
Official figures published today look set to show that the U.K. is now producing more than it was before the recession struck, which has brought the longest downturn on record to an end.
The Office for National Statistics is expected to announce that gross domestic product increased by around 0.8 percent between April and June.
An economist at Capital Economics, Paul Hollingsworth, said it "would mark another milestone for the recovery."
The latest forecasts from the IMF are another victory for George Osborne, who only 15 months ago was accused by its chief economist of "playing with fir"' by pressing ahead with austerity.
In response, the Fund has since admitted it was "too pessimistic" about the U.K. and upgraded its forecasts for 2014 four times in the last nine months.
This time last year it was predicting annual growth of only 1.5 percent, less than half of what it now expects - and as recently as April penciled in 2.9 percent.
"The IMF has upgraded their 2014 forecast for the UK by more than any other major economy," the Chancellor said.
"The Government's long-term economic plan is working. But the job is not yet done and so we will go on making the assessment of what needs to be done to secure a brighter economic future."
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