Published by Jamie JemmesonThe Confederation of British Industry (CBI) has confirmed that it expects to see slower growth over this and next year.Net export growth is expected to have a positive impact on the UK's growth rate, the group said, noting that expansion of 8.6 per cent is expected this year, while next year growth of 7.6 per cent is predicted.The CBI added that business investment is expected to add to economic expansion, while the continuing squeeze on household budgets will have only a limited effect on total growth.John Cridland, director-general of the CBI, said: "Although there are a number of risks to the UK's economic outlook, we continue to expect that the recovery will make further headway this year and next, but the pace will be sluggish."He added that despite pressure from weak wage growth, higher inflation, tighter household budgets and public spending cuts, there are some bright patches ahead.A positive outlook for the global economy is helping to create a strong environment for exporters, Mr Cridland noted.Earlier this month, the CBI's chief economic adviser Ian McAfferty said the organisation continues to believe the Bank of England will move away from the current historically low interest rate of 0.5 per cent later this year as the recovery continues to progress.For more information on international payments, visit our Smart FX site