IMF cuts its forecast for global economy in 2013 - Associated Press | Sector data
(The Insider Stories) — The International Monetary Fund has lowered its outlook for the world economy this year, predicting that government spending cuts will slow U.S. growth and keep the euro currency alliance in recession, The Associated Press reports.
The full text of the World Bank’s World Economic Report is available here
The global lending organization cut its forecast for global growth to 3.3 percent this year, down from its forecast in January of 3.5 percent. It didn’t alter its prediction of 4 percent global growth in 2014, AP reports.
The IMF expects the U.S. economy to expand 1.9 percent this year. That’s below its January estimate of 2.1 percent and last year’s U.S. growth of 2.2 percent. Still, the IMF says the U.S. economy is improving and should expand 3 percent in 2014. U.S. job growth has accelerated, the housing market is recovering and banks are more willing to lend, according to the report.
