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UK to fall to bottom of European growth league next year – business live

New EC growth forecasts warn that rising global uncertainty, international trade tensions and higher oil prices will weigh on Europe


Newsflash: The International Monetary Fund has just weighed in on the EU-Italy budget row, backing Brussels.

In a new report, the IMF predicts that Italy’s growth will sink to just 0.9% in 2020 (worst than the UK). It also says Rome should focus on cutting its debts, rather than borrowing more to spur growth....

IMF: Sees Italy’s GDP Growth At 1pct In 2019, 0.9pct In 2020
Countries With Significant Vulnerabilities Like Italy Should Prioritise Cutting Deficit, Debt

It’s worth noting that the UK’s independent Office for Budget Responsibility is less gloomy about growth prospects.

Last week the OBR forecast UK growth of 1.3% in 2018 (matching the EC’s view). The fiscal watchdog then spies growth accelerating to 1.6% in 2019, dipping to 1.4% in 2020.

EC says UK growth next year will be the joint lowest in the area. But NB the average of independent forecasters for next year is 1.5%, so the EC is on the low side here https://t.co/xOXMrTctHP

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