Brexit is just the start of a worldwide revolution against globalisation, warns the IMF

Wednesday, October 5, 2016
By Paul Martin

International Monetary Fund believes a revolt could lower living standards
Ongoing weak growth is breeding ‘negative economic and political forces’
IMF slashed the 2017 growth forecast for the UK in half since pre-Brexit
World leaders urged to work with poorer countries to encourage growth

By GARETH DAVIES
DailyMail.com
5 October 2016

Brexit could be the start of a worldwide revolt that threatens to lower living standards, experts have warned.

The International Monetary Fund has updated its global economic outlook, suggesting governments should do more to address the resistance to globalisation and technological advance in developed countries.

An ongoing weak growth is breeding ‘negative economic and political forces’, according to the organisation, which has slashed its 2017 growth forecast for the UK further from 2.2 percent pre-Brexit to 1.1 percent.

Maurice Obstfeld, the IMF’s chief economist, told The Times: ‘Growth has been too low for too long and in many countries its benefits have reached too few – with likely repercussions that are likely to depress global growth further.
‘Brexit is only one example.

‘The result in some richer countries has been a political movement that blames globalistaion for all woes and seeks somehow to wall of the economy from global trends rather than engage cooperatively with foreign nations.’

The drop in growth forecast was attributed to the vote ‘weighing on investment, hiring decisions and consumers’ decisions’, said Mr Obstfeld.

But this year, the IMF raised the UK’s growth forecast to 1.8 percent, up from 1.7 percent.

This would make the UK the fastest growing economy in the G7 nations – US, Canada, France, Germany, Italy, Japan, and the UK.

Should the predictions materialise, the UK would drop to the fifth fastest next year.

The lift is said to be down to a better-than-expected start of the year ahead of the referendum in July.

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