The International Monetary Fund has slashed the forecast on how much Britain's economy will grow. World finance ministers and central bank leaders met yesterday in Japan to hear that the UK's economy would contract by 0.4% instead of the 0.2% it predicted only three months ago. But it's not just us, the IMF slashed the growth outlook for the global economy from 3.9% to 3.6%, but said emerging economies won't suffer as much as others.

Olivier Blanchard – IMF: "Here, let me be clear. We do not see these development be it in China, in India or Brazil signs of a hard landing in any of these countries. Indeed we see positive policy measures being taken in all three countries. But the numbers suggest that these countries are going to have lower growth for some time, at least lower than the very high growth that we saw in earlier times."

The IMF's warned American and European policymakers to hurry up and fix their economic issues or it would take even longer for country's across the world to effectively bounce back. The IMF says growth for UK for next year would be 1.1% overall, down from the 1.4% - though it suggested the Bank of England needs to ease its monetary policy to get faster results.

Written and presented by Marverine Cole