IMF: World Economy to Grow 4.9 Percent
Posted on: Wednesday, 11 April 2007, 15:00 CDT
The world economy will grow 4.9 percent this year and next, despite a U.S. housing slowdown, the International Monetary Fund forecast Wednesday.
The projected growth, slower than 2006's 5.4 percent, would make six straight years the world economy has expanded.
U.S. economic growth will be 2.2 percent, down from 2006's 3.3 percent, said the IMF, which oversees the global financial system.
But projected U.S. growth could slow if the housing market slumps further, if the U.S. current-accounts deficit sparks a run on the dollar or if interest rates rise, the IMF said.
The 13-nation eurozone will grow 2.3 percent, down from 2006's 2.6 percent, the IMF forecast.
The world's No. 2 economy, Japan, will also grow 2.3 percent, up from 2006's 2.2 percent, driven by corporate investment, higher bank lending and export growth, the IMF said.
China's growth was forecast to slow to 10 percent from 10.7 percent in 2006.
Middle Eastern and African economies look positive, while Latin American growth will be sluggish, hurt by the U.S. slowdown. The IMF said.
Source: United Press International
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