Resurgent COVID-19 blamed for growth downgrades in UK

Growth forecasts for the British economy for this year and the next have been downgraded by the International Monetary Fund. An acceleration in the number of COVID-19 cases over the past couple of weeks has been cited as being a reason for the same. Forecasts made just two weeks ago were lowered by the IMF as the British economy is expected to shrink by 10.4% instead of the earlier estimated 9.8%.