It is believed that the International Monetary Fund is expected to upgrade its estimate of GDP growth in 2014 to 2.4 per cent for the UK economy.

The IMF has indicated that it will increase its forecast for growth in the UK economy, a move that will boost the government's efforts to revive the economic growth in the country. The global institutions earlier expected the UK economy to grow at just 1.9 per cent during 2014 but now expect the country to record a growth of 2.4 per cent during the year.

The upgraded forecast from the IMF will be mostly in line with Treasury's Office for Budget Responsibility and comes after several economic indicators in the British economy showed higher than expected growth in recent months. The Office for National Statistics said that the UK economy grew 0.8 per cent in the third quarter of the financial year after recording a similar growth during the second quarter.

There were concerns earlier this year that the UK economy would fall into triple-dip recession. However, improvements in the economy boosted growth and the revision of the Office for National Statistics (ONS) data shows that the double-dip recession from 2011 to 2012 did not happen. British research group the Centre for Economics and Business Research (CEBR) predicted that the path of austerity will allow the British economy to catch up with France in five years to emerge as the fifth largest economy in the world. They said that the UK economy will surpass the French economy in five years and that of German about 12 years.