{
  "title": "United Kingdom: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for United Kingdom",
  "publication": "IMF Staff Country Reports, July 8, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/07/03/united-kingdom-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-551376",
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  "summary": "The 2024 Article IV Consultation discusses that the UK economy is approaching a soft landing, following a mild technical recession in 2023. A modest recovery is projected, with 0.7 percent growth in 2024, strengthening to 1.5 percent in 2025.",
  "sections": [
    {
      "heading": "Growth and macroeconomic outlook",
      "content": "- The UK economy is approaching a soft landing following a mild technical recession in 2023.\n- Growth projections:\n  - 0.7 percent growth in 2024.\n  - 1.5 percent growth in 2025.\n- Inflation dynamics:\n  - Inflation has fallen rapidly from double digit levels last year amid easing energy prices and tight policies.\n  - Assuming wage and services inflation continue to moderate from their current elevated levels, inflation should return durably to target in the first half of 2025."
    },
    {
      "heading": "Policy priorities and recommendations",
      "content": "- Overarching policy objective:\n  - Maintain price and financial stability.\n  - Durably lift per capita growth.\n  - Address pressing public spending needs while credibly stabilizing debt.\n- Monetary and financial policy:\n  - Macroprudential settings are appropriate.\n  - Continued close monitoring of credit conditions and financial stability risks is merited.\n  - Use stringent stress tests in future calibrations of macroprudential policy.\n- Structural and strategic policy:\n  - IMF supports a redoubling of policy efforts to credibly achieve the UK green transition targets.\n  - Maintain a cautious approach toward industrial policy interventions."
    },
    {
      "heading": "Financial stability and risk monitoring",
      "content": "- Emphasis on:\n  - Close monitoring of credit conditions.\n  - Vigilance toward financial stability risks.\n  - Incorporation of stringent stress testing into supervisory frameworks and policy calibrations."
    },
    {
      "heading": "Key statistics and publication metadata (as reported)",
      "content": "- Pages: 118\n- Volume: 2024\n- Issue: 203\n- Series: Country Report No. 2024/203\n- Stock No: 1GBREA2024001\n- ISBN: 9798400279379\n- ISSN: 1934-7685\n- DOI: https://doi.org/10.5089/9798400279379.002\n\nUnited Kingdom: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for United Kingdom\n\n---\n\n Content in this bundle\n\n- 1gbrea2024001\n  - 1gbrea2024001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1gbrea2024001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 8, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400279379.002",
    "The UK economy is approaching a soft landing following a mild technical recession in 2023.",
    "Growth projections:",
    "Overarching policy objective:",
    "Monetary and financial policy:",
    "Structural and strategic policy:",
    "Emphasis on:",
    "Pages: 118",
    "Volume: 2024",
    "Issue: 203",
    "Series: Country Report No. 2024/203",
    "Stock No: 1GBREA2024001",
    "ISBN: 9798400279379",
    "ISSN: 1934-7685",
    "DOI: https://doi.org/10.5089/9798400279379.002",
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