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US headed for 'mild recession': IMF
US headed for 'mild recession': IMF
Last Modified: 09 Apr 2008
By:
Faisal Islam
The International Monetary Fund brands the crisis in the financial markets "the largest financial shock since the great depression" and warns the US will go into a "mild recession" this year.
It forecast world economic growth falling to 3.7 per ecnt for the next two years and revised down the treasury's estimates of UK growth.
The IMF also warned that excessive house price inflation in several European countries, including the UK, would leave them more susceptible to the global downturn.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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