The International Monetary Fund (IMF) has downgraded the UK’s growth forecast for 2017 from 2% to 1.7%.
It attributed the downgrade to the UK’s weaker-than-expected economic performance in the first three months of this year.
However, growth forecasts for France, Germany, Italy and Spain have been revised upwards.
The latest IMF forecast is just below the Bank of England’s: the Bank predicts that the UK economy will grow by 1.9% this year.
Meanwhile, UK growth forecasts for 2018 remain unchanged at 1.5%, the IMF revealed. Global economic predictions for next year also remain the same, with the IMF anticipating global growth of 3.6%.
Commenting on the downgrade, a Treasury spokesperson said: ‘This forecast underscores exactly why our plans to increase productivity and ensure we get the very best deal with the EU are vitally important.
‘We will continue to deliver greater prosperity and higher living standards for hard working people across the country.’