Mr Hunt highlighted that Mr Bailey had said that any UK recession was "likely to be shallower than previously predicted", but did add the IMF's figures "confirm we are not immune to the pressures hitting nearly all advanced economies".Short-term challenges should not obscure our long-term prospects - the UK outperformed many forecasts last year, and if we stick to our plan to halve inflation, the UK is still predicted to grow faster than Germany and Japan over the coming years," he added.The Treasury said since 2010, the UK had grown faster than France, Japan and Italy and that since the EU referendum in 2016, it had grown at "about the same rate as Germany".

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