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Berlin: The International Monetary Fund has cut its 2008 US economic growth forecast to 0.5 per cent from 1.5 per cent and expects the country to tip into recession, the German weekly newspaper Die Zeit said yesterday.
A German government source, reacting to the report, added that the IMF had also cut its forecast for German 2008 growth to 1.2 per cent from 1.5 per cent expected previously.
Meanwhile, US factory activity contracted for a second straight month in March, according to a report yesterday. The Institute for Supply Management said its index of national factory activity edged up to 48.6 in March from 48.3 in February, but was still below the level of 50 which separates growth from contraction.
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