The latest projection, up from a previous figure of 1.9 percent, puts Britain ahead of European rivals including Germany and France . However, it is behind the US on 2.8 percent. The figures are in line with the latest forecasts from Britain's independent Office for Budget for Responsibility (OBR). Prime Minister David Cameron tweeted: "An encouraging sign of more jobs and security for hardworking people: the IMF confirms upgrading our growth forecast." The IMF predicts that growth for 2013 will be 1.7 percent, and that the 2.4 percent recorded in 2014, it will fall to 2.2 percent in 2015. The IMF report said: "Activity in the United Kingdom has been buoyed by easier credit conditions and increased confidence." But the report said "economic slack", effectively spare capacity in the economy, would remain high. The UK's economic recovery so far has been fuelled by consumer spending and experts say a rise in real-term wages - which remain depressed - together with an improvement in exports and business investment is needed to maintain an upward trend. The IMF forecasts that the world economy will grow by 3.7 percent in 2014, up from 3.6percent in its last forecast. It also said that the eurozone was "turning the corner from recession to recovery" but this would not be uniform. The IMF's previous prediction for the UK of 1.9 percent growth for 2014 last October was an upgrade from an earlier figure of 1.5 percent. It comes just nine months after the body urged the Government to rethink its austerity strategy, with the fund's chief economist telling Mr Osborne he was "playing with fire". A Treasury spokesman said: "Today's report provides further evidence that the Government's long-term economic plan is working, with the IMF upgrading their 2014 forecast for the UK by more than any other G7 economy. "But the job is not yet done and so the Government will go on taking the difficult decisions necessary to deliver a sustainable recovery for all." Shadow chancellor Ed Balls said: "After three damaging years of flat-lining, any growth is both welcome and long overdue. "But this is the slowest recovery for 100 years and working people are facing a cost-of-living crisis with real wages now down £1,600 a year under David Cameron . "With business investment still weak and the IMF forecasting that UK growth will slow down again next year, it's clear that this is not yet a recovery that is built to last." :: Watch Sky News live on television, on Sky channel 501, Virgin Media channel 602, Freeview channel 82 and Freesat channel 202.
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