Britain has suffered the harshest downgrade to 2012 growth forecasts of any G7 country as the International Monetary Fund warns about ?alarmingly high? risks of a worldwide economic downturn.
The Washington-based organisation cut global forecasts and warned of fresh escalation of the euro crisis, as well as the danger that a congressional deadlock will lead to a severe fiscal clampdown in the United States.
Britain will be one of the casualties as its economy shrinks by 0.4 per cent this year, the IMF said before its annual meeting this week in Tokyo. That compared with a previous outlook for 0.2
Source: http://www.thetimes.co.uk/tto/business/economics/article3562338.ece
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