IMF lowers growth forecast for British economy amid Brexit

The International Monetary Fund (IMF) has lowered its 2017 growth forecast for the British economy. The impact of Brexit has weighed on the country’s economy despite a strong global recovery, according to the IMF. The fund said on Wednesday that it expected the British economy to grow by 1.6 percent this year, down slightly from its previous forecast of 1.7 percent, AP reported. The sharp drop in the value of the pound following Britain’s vote to leave the EU in June 2016 has pushed up inflation by making imports more expensive, and that has squeezed incomes and consumption, according to the IMF.