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Tuesday
Oct092012

International Monetary Fund Lowers Global Growth Forecast for 2012

Comstock Images/Thinkstock(NEW YORK) -- More than ever the U.S. is part of the global economy, with millions of American workers depending on jobs linked to imports and exports.  

But a new warning that the world's economy has weakened further could mean a slowdown for global trade and the biggest threat out there to American jobs.

In its latest update, the International Monetary Fund forecasts global growth of 3.3 percent this year -- down from an estimate of nearly 4 percent just three months ago.  Slower growth is also forecast for 2013.

"Risks for a serious global slowdown are alarmingly high," says the IMF's World Economic Outlook.

The report comes one day after a forecast of a deepening slowdown in China, the world's second largest economy.  India -- another engine of growth -- is also facing a serious slowdown. 

Copyright 2012 ABC News Radio