The IMF is set to revise down U.K. growth forecast for 2009 to -3.8% and sees the economy to contract by a further 0.2% in 2010. This is a sharp downward revision from the 2.8% contraction estimated for 2009 in January and against BoE estimates for a pick-up next year. Reuters is quoting leaked IMF documents for the forecast and the IMF is expect to release new global growth forecasts at the end of the week. Indeed, the IMF warns that the U.K. recession will be deep and longer than in most other countries.
