Is the IMF politically motivated?
On 31st January 2023, the IMF made a dramatic forecast about the UK economy:
The UK economy will shrink and perform worse than other advanced economies, including Russia, as the cost of living continues to hit households, the International Monetary Fund has said.
The IMF said the economy will contract by 0.6% in 2023, rather than grow slightly as previously predicted.
The news went around the world, stock markets fell, businesses pulled investment, and the UK govt fell in opinion polls of British voters - even though it was just a forecast.
It also turned out to be completely wrong. The UK continues to grow and unemployment remains at a low 4%.
It was Germany that went into recession, contracting in Q4 2022 and Q1 2023, and not growing at all in Q2 2023.
Was the IMF forecast politically motivated, to damage the Brtish govt? Or do they just employ bad economists?
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