IMF: World Economy to Slow

The world economy will slow sharply this year and next, with the United States likely sliding into recession reflecting mounting damage from the most dangerous financial jolt in more than a half-century. The International Monetary Fund, in its World Economic Outlook, slashed growth projections for the global economy and predicted the United States — the epicenter of the financial meltdown — will continue to lose traction. "The world economy is now entering a major downturn in the face of the most dangerous shock in mature financial markets since the 1930s," the IMF said in its report.