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IMF cuts U.S. 2014 growth forecast to 1.7 percent
The International Monetary Fund on Wednesday said it expects the U.S. economy to grow 1.7 percent in 2014, even more slowly than it predicted a month ago, as weakness in the first quarter offsets an expected pick-up in the second half of the year. The IMF, which in June forecast 2 percent growth for the world's largest economy this year, said U.S. activity should accelerate to a pace of 3 percent to 3.5 percent in the rest of 2014, and grow by 3 percent next year and in 2016. "Still, the drag on growth from the first quarter contraction will not be offset," IMF staff said in their yearly analysis of the U.S. ... (full story)
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