I thought we didn't believe economic forecasts as they were always wrong...
Looking at original report (
link) there were some interesting points made;
Quote:
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In the United Kingdom, growth is expected to stabilize at 1.4 percent in 2020 and firm up to 1.5 percent in 2021—unchanged from the October WEO. The growth forecast assumes an orderly exit from the European Union at the end of January followed by a gradual transition to a new economic relationship.
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(my emphasis)
This is highlighted in the ITV report but there also appears to be a typo in that report on growth, it's not 1% but 1.5% in 2021.
The Eurozone and in particular Germany are being held back by softness in the manufacturing sector. The UKs GDP from manufacturing is only 9% of the total GDP while for Germany it's 21%. In terms of currency, it's $60bn for the UK
vs. $185bn so it's a big exposure...
The general trends in manufacturing are the same for Germany and the UK however.
GDP Data for UK
GDP Data for Germany