International Monetary Fund fails to update United Kingdom growth forecasts amid Brexit uncertainty

Scott Morrison will attend the IMF and World Bank annual meetings in Washington on October 13-14

In its July projections, the Bretton Woods institution had said the global economy would grow by 3.5% in 2017 and 3.6% in 2018.

The International Monetary Fund (IMF) on Tuesday pared its growth forecast for India by half a percentage point to 6.7% for 2017, blaming the lingering disruptions caused by demonetisation of high value currencies previous year and the roll out of the Goods and Services Tax (GST).

"The current global acceleration is also notable because it is broad-based-more so than at any time since the start of this decade", said Maurice Obstfeld, the organization's economic counsellor and director of research.

"The picture is very different from early past year, when the world economy faced faltering growth and financial market turbulence", Obstfeld said.

Upward revisions in the eurozone, Japan, emerging Asia, emerging Europe and Russian Federation more than offset downward revisions for the U.S. and Britain.

Total world economic growth has been upgraded by 0.1% for both 2017 and 2018, to 3.6% and 3.7%, respectively, thanks to a "global cyclical upswing" that began a year ago.

Inflation remains muted in much of the advanced economies, and wage growth is weak.

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The US forecast from the International Monetary Fund, of 2.2% this year and 2.3% next year is a one-tenth of a percentage point lower for this year and two-tenths lower for 2018. It also called for briding the gender gap in accessing social services, finance and education to accelerate growth in developing countries like India. Meanwhile, the U.S. economy is forecast to growth 2.2% this year and 2.3% next year, both small upgrades from earlier projections.

"We forecast in the pre-referendum period, as did others, there would be long run negative effects on the British economy", he said.

The IMF's projection is broadly in line with consensus, but significantly more optimistic than the recent 1 per cent growth forecast by the Organisation for Economic Co-operation and Development.

Another UN agency, the Economic and Social Council for Asia and the Pacific (ESCAP), also in May, expected this year's growth rate to be 7.1% before raising to 7.5% next year. However, Obstfeld warns that governments can't miss this "window of opportunity" to push for "ambitious" policies to increase growth, reduce public debt, and spend more on infrastructure and education while the global economy is prospering.

As other advanced nations outpace the United Kingdom, the IMF's new projections show Britain falling from the second fastest G7 economy in 2016 to the third slowest in 2018.

The uptick in growth will result in greater debt levels over the long term, the International Monetary Fund said in a report, raising the prospect of a "sharp growth slowdown in China".

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