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IMF says growth will slow in coming months IMF says growth will slow in coming months
(40 minutes later)
By Iain Mackenzie BBC News, WashingtonBy Iain Mackenzie BBC News, Washington
The International Monetary Fund is warning that growth in the global economy is likely to slow towards the end of the year. Growth in the global economy is likely to slow towards the end of 2010, the International Monetary Fund is warning.
The IMF blames weakness in the financial sector as well as the crisis of confidence in some national economies. The IMF blames weakness in the financial sector and the crisis of confidence in some national economies.
It is calling on the most developed countries to cut their budget deficits in order to tackle the problem.It is calling on the most developed countries to cut their budget deficits in order to tackle the problem.
The IMF briefing note also sets out potential risk factors that could make things worse, such as a deterioration of the US property market.
Gloomy reading
This is where the global financial crisis began and the IMF warns that the supply of credit may begin to dry-up if the number of home repossessions there continues to increase.
It also raises the possibility of more problems in the sovereign debt market, similar to the crisis of confidence that left Greece requiring a 100bn euro loan earlier this year.
The IMF briefing note makes gloomy reading.The IMF briefing note makes gloomy reading.
It also lays out a list of potential risk factors that could make things even worse. Among the recommendations made in it is a call for governments to rebalance their economies, with emerging markets, including those in Asia, encouraged to focus less on exports and more in stimulating internal demand.
Among them, the possibility of more problems in the sovereign debt market, similar to the crisis of confidence that left Greece requiring a 100bn euro loan earlier this year.
Also of concern to the IMF is the United States' property market, where the global financial crisis began in the first place.
It warns that the supply of credit may begin to dry-up if the number of home repossessions there continue to increase.
Among the recommendations made in the briefing note is a call for governments to rebalance their economies, with emerging markets, including those in Asia, encouraged to focus less on exports and more in stimulating internal demand.
Conversely, the IMF suggests that advanced economies need to increase export sales while cutting their budget deficits.Conversely, the IMF suggests that advanced economies need to increase export sales while cutting their budget deficits.