Europe set for slowdown: IMF

The International Monetary Fund (IMF) expects the oft-repeated maxim that "if the US economy sneezes, the rest of the world catches a cold" will hold as far as Europe is concerned.

In its regional outlook for Europe, published on Monday, the Fund said that growth was set to slow from 2.8% in 2007 to 1.5% in 2008 and 1.4% in 2009 as a result of the prevailing financial market conditions and its impact on growth in the US.

"Europe has so far been relatively resilient to the US slowdown and the

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