US economy in freefall

The US economy, which makes up one quarter of world economic output, is slowing sharply, and bringing down growth throughout the rest of the world.

And the terrorist attacks are likely to make the problem worse, although the International Monetary Fund (IMF) says it is too early to assess the full economic consequences.

Kenneth Rogoff, the IMF's chief economist, said that a US recession was now more likely.

"Whether it will be a bit above zero or below zero... a trough in US growth is very li