World economy entering ‘perilous phase’ with UK to perform worst in G7 this year, IMF says

The IMF, which is holding its spring meetings in Washington this week, downgraded its outlook for global growth and said its medium term forecast for economic output was now at the weakest level since the fund began publishing these forecasts in 1990. However its chief economist Pierre-Olivier Gourinchas added that there were also more severe risks in prospect. He said: “We are... entering a perilous phase during which economic growth remains low by historical standards and financial risks have risen, yet inflation has not yet decisively turned the corner.” “Below the surface,” he added, “turbulence is building, and the situation…