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The global economy is in a dangerous new phase: IMF

by Matthews Estell
20 Sep 2011 at 19:59hrs | Views
The International Monetary Fund (IMF) said on Tuesday that global economy will grow at a slower pace of 4.0 percent this year, a 0.3-percentage point lower than its projection in June.

Global growth will keep at 4.0 percent in 2011, said the IMF in its latest World Economic Outlook (WEO) report, the flagship product of the Washington-based international institution.

In its June projections, the IMF expected the world output to grow 4.3 percent and 4.5 percent in 2011 and 2012 respectively.

"The global economy is in a dangerous new phase," said the IMF. "Global activity has weakened and become more uneven, confidence has fallen sharply recently, and downside risks are growing."

Source - Xinhua