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World economy ‘facing slowdown’
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.Potential vulnerability
Uncertainty over
the size of losses in the sub-prime lending market has caused stock
market turmoil.An IMF spokesman said that the unrest came “after an
exceptionally long period of benign conditions in international
economic markets” and solid global growth, which had provided “a
cushion against which we are working”.Most emerging economies remained
“relatively robust”, the IMF added.However, it said that some countries
which had a high dependency on external financing could be vulnerable
to fallout on the financial markets.
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