US slowdown 'less than feared': IMF

0 Comments | AFP, June, 2008

WASHINGTON (AFP) — The slowdown in the US economy is not as strong as previously estimated, the International Monetary Fund said Friday, lifting its growth estimates slightly for 2008 and 2009.

The IMF forecast annual growth of roughly one percent in 2008 and 0.8 percent in 2009, compared with a prior estimate of 0.5 percent and 0.6 percent, respectively.

"The slowdown in activity in the United States has been less than feared, and recovery should begin next year as important headwinds are overcome," the IMF said in its annual review of the world's largest economy.

© 2008 AFP