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U.S. growth weakest since recession, IMF says

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By The Associated Press
Thursday, July 24, 2014, 12:01 a.m.
 

The nation's economic growth this year will likely be at the weakest pace since the Great Recession ended, the International Monetary Fund said, mostly because of a sharp, weather-related contraction in the first quarter.

But the global lending organization said Wednesday that it still expects growth resumed in the April-June quarter and will remain healthy in the second half of this year and next.

In its annual report on the U.S. economy, the IMF projects growth will be just 1.7 percent this year, down from a 2 percent estimate in June. That's below last year's 1.9 percent pace and would be the slowest annual rate since June 2009.

The IMF's outlook is more pessimistic than that of the Federal Reserve, which expects growth of at least 2.1 percent. But it is in line with most other private economists.

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