Global economic growth is slowing, the International Monetary Fund announced yesterday in its new World Economic Outlook (WEO).
“The global expansion is losing speed in the face of a major financial crisis,” WEO advises. The leading offender is the U.S., the report says, thanks to the correction in the housing market. “The emerging and developing economies have so far been less affected by financial market turbulence and have continued to grow at a rapid pace, led by China and India, although activity is beginning to moderate in some countries.”