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Worldwide economy is progressing

By ASSOCIATED PRESS
Published April 5, 2007


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WASHINGTON - The global economy is forging ahead despite slower growth from its No. 1 player, the United States, the International Monetary Fund concluded Wednesday.

A sharper-than-expected U.S housing slump, though, could pose a risk to the world's economic performance, IMF researchers warned.

"So far, however, the U.S. slowdown has had little discernible effect on growth in most other countries," the IMF said.

Last month, IMF chief Rodrigo de Rato predicted worldwide economic growth for 2007 to clock in at close to 5 percent. Rato said that would be the strongest five-year span for the global economy since the late 1960s.

That being said, there is still a worry that fallout from the residential real estate bust could spread. Spillover effects are most important for countries with close ties with the United States, particularly Latin America, the IMF said.

[Last modified April 5, 2007, 01:17:43]


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