The International Monetary Fund recently released it’s growth forecasts for 2011 for major economic countries. The IMF says the global economy is recovering faster than expected but the UK is still in the doldrums. Interest rates were kept on hold at 0.5% in the UK Thursday for the 16th month running.
The European Central Bank also kept rates on hold at 1% for the 14th month running. Markets enjoyed the IMF’s growth forecast for global growth however which was upgraded from 4% to 4.5% but it was Asia that underpinned the overall growth. The IMF says growth in China will rise at an amazing rate of 10.5% and India not far behind at 9.4%. They expect Japan to be at 2.4% up from 1.9%, and the US at 3.3%.
Other Growth Forecasts
- Germany 1.6%
- France 1.6%
- Italy 1.1%
- Spain 0.6%
- UK 2.1%
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