IMF downgrades economic forecasts

South East Asia News.Net
Friday 9th May, 2008

The International Monetary Fund has adjusted its forecasts for the global economic growth in 2008 downward to below four percent.

Its forecast for the growth of the Chinese economy is nine percent.

India, less exposed to demand from the advanced economies, will be less affected by the slowdown.

The IMF says the outlook for the global economy today is much worse than it was a year ago, with the advanced economies of the United States and the European Union most affected by the current financial turbulence.

The advanced economies experienced a slowdown since 1970 while the emerging economies have been picking up strength after their growth slowed down to about the same level as the advanced ones around 1990.

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