IMF cuts global growth forecast to 3.7 per cent

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Washington, April 4
The International Monetary Fund (IMF) has lowered its outlook for 2008 world economic growth for the second time this year, cutting it to 3.7 per cent from a January forecast of 4.1 per cent. The revision puts world growth at its lowest since 2002, when growth was 3.1 per cent.

''I can confirm the IMF's current aggregate world growth forecast for 2008 is 3.7 per cent,'' an IMF spokesman said, confirming reports about the IMF's World Economic Outlook due on April 9.

The further revision acknowledges the US-led housing downturn and subsequent credit contraction have exacted a heavy toll on the world economy. Earlier on Thursday, IMF chief economist Simon Johnson said the US economy has come to ''a virtual standstill'' and will remain weak in coming quarters due to deepening problems in housing and credit markets.

''Notwithstanding the strong response from US policy-makers, tighter financial conditions, higher energy prices, softer labor markets, and the weak housing market all conspire to weigh heavily on the (US) economy in the near term,'' Johnson told reporters. — Reuters

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