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IMF gives US economy room to improve

IMF gives US economy room to improve article image
According to the International Monetary Fund (IMF), the decline of the US economy has an end in sight, though the global body says recovery will be slow for the American giant due to rising unemployment and a weak housing market. The IMF's report read: "As a result of their increasingly strong and comprehensive policy measures, the sharp fall in economic output seems to be ending, and confidence in financial stability has strengthened. Nevertheless, with financial strains still elevated, the recovery is likely to be gradual, and risks are tilted to the downside." The IMF also kept its forecast on the US economy at a 2.6 percent contraction for 2009 and an 0.8 growth in 2010. However, official US data showed the nation contracted at a one percent annual rate in the second quarter.

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