The International Monetary Fund cut its forecast for global growth this year and said there's a 25 percent chance of a world recession, citing the worst financial crisis in the US since the Great Depression.
Global growth will decelerate in 2008, led by a sharp slowdown in the United States, amid a housing correction and a financial crisis that has quickly spread from the U.S. subprime sector to core parts of the financial system, the IMF says in its latest World Economic Outlook.
Global growth will decelerate in 2008, led by a sharp slowdown in the United States, amid a housing correction and a financial crisis that has quickly spread from the U.S. subprime sector to core parts of the financial system, the IMF says in its latest World Economic Outlook.
- World growth will slow to 3.7 percent in 2008, in wake of financial crisis
- United States, other advanced economies lead slowdown. US economic growth forecasted at 0.5 percent in 2008 and 0.6 percent in 2009.
- Emerging economies are likely to weather storm better, but not insulated
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