While you were sleeping IMF warns on US growth

Thu, 28 Feb 2013

By Margreet Dietz March 1 (BusinessDesk) - Wall Street advanced, with gains tempered by expectations that Congress will not act to stop automatic federal spending cuts that are widely expected to put the brakes on the pace of expansion in the world's largest economy. The International Monetary Fund warned it will downgrade its economic forecast for the US if US$85 billion of scheduled federal spending cuts take effect on March 1. If all cuts go ahead, the IMF would lower its current estimate for a 2 percent expansion for US gross domestic pr...

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