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The International Monetary Fund has slashed its outlook for the U.S. economy and global growth through 2012.
In its September 2011 World Economic Outlook, released Tuesday, the international lending organization said it now expects the U.S. economy to grow just 1.5 percent this year and 1.8 percent in 2012, down from its June forecast of 2.5 percent in 2011 and 2.7 percent in 2012.
Overall, advanced economies are facing anemic growth of only 1.6 percent in 2011, the IMF said in its latest forecast, adding that the global economic recovery is slowing, with world growth projected at 4 percent in both 2011 and 2012, down from over 5 percent in 2010.
"The global economy is in a dangerous new phase," the IMF said. "Global activity has weakened and become more uneven, confidence has fallen sharply recently, and downside risks are growing."