Tower Bridge, London, in May 2020 (Image: EPA/Will Oliver)

The International Monetary Fund (IMF) has upgraded its forecasts for global growth for this year but softened its forecast for next year as infection rates soar in Europe and the United States.

In its quarterly economic outlook, it has lifted its growth figure for 2020 to -4.4% from June’s estimate of -4.9%. But next year's rebound will be weaker than expected: global growth is estimated at 5.2%, down from 5.4% in June and 5.8% in April.

The forecast are broadly in line with the government's budget forecasts of -4.5% this year and 5% next year.