World Economy Going Down

[pioneer]

Global economic growth is likely to be dampened by the turbulence which has swept world markets, the International Monetary Fund (IMF) has said.

The IMF said it would be revising down its growth projections - with this year being more affected than 2008.

The US would see the largest impact, with some parts of Europe also set to endure lower growth, it added.

Its comments came a day after the OECD warned the US economy would slow sharply in the second half of 2007.

The Organisation for Economic Co-operation and Development's World Economic Outlook report is due for release in October.

source: news.bbc.co.uk