World Bank upgrades UK growth forecast amid global resilience

Despite weak Q1

The World Bank has upgraded its forecast for UK growth over the next three years, bolstered by a stronger global environment despite a weak start to the year.

Economists at the bank expect the UK economy to grow by 1.7% this year, slightly below last year's expansion of 1.8% and up from a forecast of 1.2% in January. Ahead of the general election on Thursday, growth for 2018 and 2019 was also upgraded to 1.5% a year, up from previous projections of 1.3%. The revisions were driven by expectations of stronger growth in advanced and emerging economies, with a recovery in industrial activity and a rise in global trade expected to lift output around the world. Franziska Ohnsorge, a lead economist at the World Bank, said the near-term upgrade ...