IMF's Rajan: World economy to slow down this year

Raghuram Rajan, chief economist at the International Monetary Fund. said that 2004 was an excellent year for world growth in the last two-three decades but don't expect 2004 to be repeated in 2005.

"The big drivers of growth are the US (3.5-4%), emerging Asia, China, India, Asean countries, new industrialised economies (NIEs), East Europe, Latin Amercia, and Africa. However, Japan and West Europe have slowed down. Japan has undertaken structural reforms and the fruits of this may well show up