IMF cuts forecast for British economy

The International Monetary Fund (IMF) lowered its forecast for UK growth this year from 1.7% in October to 1.6%, and said it expects the economy to grow by 1.5% next year.

Britain's weaker growth this year is an effect of its departure from the EU, IMF managing director Christine Lagarde said on Wednesday. She said British growth will recover if the UK and the EU reach agreements to minimize trade tariffs and other trade barriers.

EU Brexit chief negotiator Michel Barnier said the post-Brexit transition should not last beyond the end of 2020.

Source: VOV5