Lagarde Says IMF ‘Got It Wrong’ on Rallying U.K. Economy
"our forecasts had been proven wrong by the reality"
The International Monetary Fund underestimated the strength of the U.K. economy when warning against the government’s austerity program, Managing Director Christine Lagarde said.
“We got it wrong,” Lagarde told the “Andrew Marr Show” on BBC Television today. “We acknowledged it. Clearly the confidence building that has resulted from the economic policies adopted by the government has surprised many of us.”
A year since the IMF’s chief economist, Oliver Blanchard, said U.K. budget cutting risked “playing with fire,” the Washington-based lender said in April the U.K. economy will grow 2.9 percent this year, the fastest pace among the Group of Seven nations.
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Edited by Rogerdodger, 08 June 2014 - 10:54 AM.
