Survey predicts slowdown in world economic growth

IMF SURVEY: Predictions say the US economy will grow by just half a per cent, while India and China will be better off.

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New Delhi: The International Monetary Fund (IMF) has predicted that world economy will grow at a much slower pace in the next two years as a result of the credit crunch.

India and China though will be less affected by the slowdown, because of their rapidly expanding economies.

The IMF prediction forecasts a slowdown of 1.25 per cent to 3.7 per cent in 2008 and 2009, led by the US, which will go into what the IMF calls a mild recession this year.

The IMF also says that the downturn could be more severe than what it is currently predicting.

It's predictions say the US economy will grow by just half a per cent, while India and China will be better off, both countries will be affected by slowdown in trade among rich countries.