IMF: UK economy recovery on track

Britain has overtaken France to become the second biggest economy in Europe, International Monetary Fund said.

The UK clocked up growth of 2.8 per cent in 2014 – the strongest in the Group of Seven industrialized nations and seven times higher than France’s 0.4 per cent, Daily Mail reported Wednesday.

According to an IMF report, this was enough for Britain to leapfrog socialist France and become the second most powerful economy in Europe, behind Germany.

The UK is expected to cement its position in the coming years as one of the fastest growing major economies in the West. The IMF is forecasting ‘solid’ growth of 2.7 per cent this year and 2.3 per cent in 2016.

Despite a slight downgrade for 2016 – the IMF’s initial forecast was 2.4 per cent – this is still enough for Britain to leave other EU nations trailing in its wake. Output in France is forecast to expand by 1.2 per cent this year and 1.5 per cent next year, while Germany is set to grow by 1.6 per cent then 1.7 per cent.