The IMF vs the OBR
Today’s IMF report is getting a lot of attention, and is something I’ll no doubt be blogging about in more detail in the future.
But one thing has really caught my eye – the difference between the OBR’s latest medium term forecasts and those of the IMF.
We learned this week that the IMF had slashed it’s forecasts for 2012 and 2013. We now have their UK forecasts out to 2016. The table below compares them to the latest OBR numbers.
As can be seen the OBR are numbers are considerably lower. No wonder the IMF thinks the Government will now miss it’s own fiscal target of falling debt/GDP by 2015.
Update: Just to give some context to that the IMF now forecast that the economy will be around £40.7bn smaller than the OBR had hoped by the end of 2016.