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IMF lowers outlook for global economic growth
By CHRISTOPHER S. RUGABER
AP Economics Writer
(AP:WASHINGTON) The world economy will essentially come to a halt this year as more than $2 trillion of bad assets clog the financial system, the International Monetary Fund said Wednesday.
The global economy will grow by only 0.5 percent this year, the IMF said. That would be the slowest pace since World War II and is a sharp reduction from the IMF’s projection of 2.2 percent growth in November.
The IMF also raised its estimate of the total losses for banks and other financial services companies stemming from bad loans in the United States to $2.2 trillion,…
28Jan2009 | INO | 0 comments | Continued
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