IMF cuts 2008 global growth forecast


The International Monetary Fund has cut its 2008 global growth forecast to 3.7 per cent from 4.1 per cent previously, a press report said Wednesday.

The IMF's new estimate is to be unveiled next week, the Financial Times Deutschland reported, without saying where it got the information.

According to press reports on Tuesday, the IMF cut its forecast for economic growth in the United States this year to 0.5 per cent from 1.5 per cent owing to the ongoing financial market crisis and weak housing market.

The fund also cut its growth forecast for Germany to 1.2 per cent from 1.5 per cent, the daily Die Zeit reported. (AFP)