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Sunday, September 20, 1998
World economy to grow by 2%, says IMF
AGENCIES
PARIS, Sept 19: The world economy will grow by around 2% this year, down from an earlier forecast in April of 3.1%, according to the International Monetary Fund. The new figure, which is still to be finalised, was given by IMF managing director Michel Camdessus, quoted in The Financial Times today.The lowered expectation was attributed to intensifying global financial turmoil, with the French banker laying the blame on political leaders in Russia and Japan. The IMF chief did not expect a uniform cut in interest rates in Europe and the United States, which he said are at different stages in their economic cycles. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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