Wednesday, April 9, 2008

As credit turmoil grows, U.S. heads for recession



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WASHINGTON (Reuters) - The U.S. economy is headed for recession this year and there is a 25 percent chance world growth will drop to 3.0 percent or less, a level that would be considered recessionary, the International Monetary Fund said on Wednesday.

The IMF said the global expansion of the last five years was fast losing ground in the face of a major financial crisis brought on by a downturn in the U.S. housing sector that continues "full blast."

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