Crisis "clouds growth prospects", says IMF

The International Monetary Fund (IMF) has revised its estimates for global growth in 2008 down by almost half a percentage point.

In the latest edition of its World Economic Outlook (WEO), the IMF said: "Although the global economy has sustained strong growth in recent quarters, turbulence in financial markets has clouded the prospects."

The Fund predicts growth will "remain a solid 4.75%" after estimating in the previous edition of the WEO, published in July, that it would hit about 5.25%.