IMF: Worst over for U.S. but recovery to be slow

The sharp contraction in the U.S. economy "seems to be ending" but recovery will be slow with risks still looming from the weak labor and housing markets, the International Monetary Fund said on Friday.

The IMF, in its annual report on the U.S. economy, stuck to earlier forecasts that gross domestic product will shrink by 2.6 percent in 2009 and then rise by 0.8 percent in 2010.

The report was prepared before U.S. data on Friday showed the economy contracted by a 1.0 percent annual rate in the second quarter. The government also said the economy had grown more slowly in 2008 than previously reported, at a rate of 0.4 instead of 1.1 percent.

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- Posted: 2009-07-31 12:31:10

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