Credit crunch 'hits world growth'

The International Monetary Fund (IMF), which supervises the world financial system, says an economic slowdown is likely due to the global credit crunch.

The IMF warned in its global stability report that the "downside risks [to growth] have increased significantly".

IMF Managing Director Rodrigo Rato said that the biggest impact of the crisis will be on the US economy in 2008.

His comments came soon after former US Federal Reserve chairman said there is a 50% chance of a recession in the US.

Read Full Article from BBC News

- Posted: 2007-09-24 09:54:31

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