U.S. to see its economy expand by 2.6% in 2010: IMF

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U.S. to see its economy expand by 2.6% in 2010: IMF

14:45, October 07, 2010      

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The real gross domestic product (GDP) of the United States is predicted to grow at an annual pace of 2.6 percent and 2.3 percent in 2010 and 2011, respectively, the International Monetary Fund (IMF) announced on Wednesday.

The unemployment rate in the world's largest economy is forecast to stand at 9.7 percent in 2010 and reach 9.6 percent in 2011, the Washington-based agency said in its World Economic Outlook (WEO) report released prior to the IMF and its sibling institution World Bank's annual meetings to be kicked off this week.

U.S. Department of Labor figures revealed that U.S. unemployment rate edged up to 9.6 percent in August.

"U.S. consumers who had overborrowed before the crisis are now saving more and consuming less, and while this is good for the long term, it is a drag on demand in the short term. Housing booms have given way to housing slumps, and housing investment will remain depressed for some time. And weaknesses in the financial system are still constraining credit," said the report.

Many advanced economies, most notably the United States, which relied excessively on domestic demand, must now rely more on net exports, noted the IMF.

However, the IMF pointed out that the pace of recovery in the United States has moderated. Consumers face headwinds of high debt and fallen asset values, weak credit growth, despite extraordinarily loose monetary conditions and persistently high unemployment.

"Personal saving rates will remain higher than pre-crisis levels for a sustained period, and public fiscal balances are projected to deteriorate further," said the IMF, adding that policy choices in the United States matter greatly for the rest of the world.

Because of the U.S. dollar's role as a reserve currency and the importance of the United States as a financial center, policy inaction by the U.S. authorities would have far greater effects on other economies than that implied by trade linkages alone, according to the report.

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