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IMF cuts US and global growth forecasts for 2014
IMF cuts global growth forecast because of slowdowns in US, Russia and emerging markets
By The Associated Press
Associated Press
2014-07-24 11:22 PM

WASHINGTON (AP) -- The International Monetary Fund foresees the global economy expanding less than it had previously forecast, slowed by weaker growth in the United States, Russia and developing economies.

The lending organization says global growth will be 3.4 percent in 2014, below its April forecast of 3.7 percent.

The downgrade reflects much slower expansion in the United States. The IMF now expects just 1.7 percent U.S. growth in 2014, the weakest since the recession ended five years ago. That's down from its April prediction of 2.8 percent, mostly because the U.S. economy shrank at a steep annual rate of 2.9 percent in the January-March quarter.

The IMF also slashed its outlook for Russia's growth to just 0.2 percent this year. Russia's conflict with Ukraine has caused a sharp drop in foreign investment.

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