The International Monetary Fund (IMF) has updated the UK economic forecast, stating the country’s economy will grow faster than expected in 2021 as it recovers from the Covid pandemic.

IMF further reveals economic prospects for rich and poor nations have diverged more due to differing access to Covid vaccines.

Its updated assessment states that the world is increasingly split into two blocs.

Among the forecast revisions for 2021, the largest upgrade is for the UK to 7%.

Britain is now predicted to have the joint fastest growth of the G7 leading rich countries, together with the US, although that follows a contraction in 2020 that was the deepest in that group.

The UK’s Chancellor, Rishi Sunak has welcomed what he termed “the positive signs that the economy is rebounding faster than previously expected”.

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