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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, Washington | By Iain Mackenzie BBC News, Washington |
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 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. |
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. | |
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. |
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