IMF

It says the UK economy's performance in 2023 will be the worst among the 20 biggest economies, known as the G20, which includes sanctions-hit Russia.

BBC reports the IMF predicts the UK economy will shrink this year, although this is a small upgrade from its last forecast.

It also warned of a "rocky road" for the global financial system.

It follows the collapse of two US banks last month, closely followed by a rushed takeover of Swiss banking giant Credit Suisse by its rival UBS, which sparked fears of another financial crisis.

In a statement, Elena Loukoianova said growth during FY16 (fiscal year ending June 30) is estimated at 3.5 percent and is projected to continue at a rate between 3 and 4 percent over the coming years, boosted by construction and activities related to the 2019 Pacific Games (PG).

“Although the current account deficit is projected to widen on the back of PG related imports, the external balance remains stable with continued strong inflow of remittances and a solid level of international reserves,” Loukoianova said.  

The statement was issued at the end the visit this week.

Although the IMF raised its prediction for UK GDP growth this year to 1.8%, the figure for 2017 was cut to 1.1%.

Its assumptions are based on "smooth post-Brexit negotiations and a limited increase in economic barriers".

The IMF's latest World Economic Outlook predicts "subpar" global growth this year of 3.1%, rising slightly in 2017.

The defendants allegedly used "unofficial" company credit cards for luxury purchases, unconnected with their duties as board members.

Prosecutors say about €12m (£10.4m; $13.5m) was spent on hotels, fine clothes, entertainment and travel.

Mr Rato denies wrongdoing. Bankia was rescued in 2012 at huge public expense.

The unofficial credit card purchases were not declared to the tax authorities. The system allegedly started at Caja Madrid bank and was continued by Mr Rato when Bankia was created in 2011.

In the IMF's latest state of economy report released this week, Tonga was also encouraged to seek soft loans and grant aid to finance the Pacific Games due to be held in the kingdom in 2019.

Matangi Tonga reported the IMF was satisfied with current policies but urged the National Reserve Bank to improve its framework and supervision over non-banks.

This is due to a large increase in the wage bill, an increase in current spending, and potential cost overruns related to Tonga’s preparations to host the 2019 South Pacific Games

These factors in turn will weaken the government’s fiscal sustainability, and raise public debt, the International Monetary Fund (IMF) stated in its 2016 Article IV report on the state of the Tongan economy.

In a report Tuesday in advance of the IMF-World Bank annual meetings here this week, the fund says the world economy will grow 3.1 percent this year, down from a July forecast of 3.3 percent and from 3.4 percent growth last year.

"The risks seem more tilted to the downside than they did just a few months ago," IMF chief economist Maurice Obstfeld, told reporters.

Still, Obstfeld downplayed the risk of a global recession.

IMF Managing Director Christine Lagarde said Asia is still expected to lead global growth, but the pace is slowing with a risk of possibly sagging further because of recent financial market volatility.

Speaking Tuesday in a lecture at the University of Indonesia, Lagarde said the global economic situation will have a significant impact on developing countries, including Indonesia.

The IMF’s new data set, released in April with its latest World Economic Outlook report, estimates that in real terms (corrected for price differences, that is), China’s output in 2014 edged ahead of the United States for the first time. There was little between them: assuming its national accounts are correct, China produced goods and services worth US$17.6 trillion, just $198 billion more than US production of US$17.4 trillion.

The IMF’s Asia and Pacific Department director, Changyong Rhee, says he has continued to work very closely with the Fijian government in this area and was happy to note that inroads have been made through the national budget and other key policies to achieve this.