IMF cuts US growth to 0.5% - report

The International Monetary Fund (IMF) has cut its 2008 US economic growth forecast to 0.5 per cent from 1

The International Monetary Fund (IMF) has cut its 2008 US economic growth forecast to 0.5 per cent from 1.5 per cent and expects the country to tip into recession, German newspaper Die Zeitsaid today.

A German government source added the IMF had also cut its forecast for German 2008 growth to 1.2 per cent from 1.5 per cent expected previously.

Die Zeitreported that the IMF had also revised its forecast for global economic growth.

The newspaper said the IMF had revised its growth expectations for the United States in a draft for its new World Economic Outlook report.