IMF warns of 25% chance of global recession

The International Monetary Fund cut its forecast for growth in Western economies and said there is a one-in-four chance of worldwide recession. The IMF also warned that while the euro is overvalued, the Chinese renminbi and Japanese yen are undervalued. The fund said the UK will probably grow by about 1.6% in 2008 and 2009, much less than predicted by Chancellor Alistair Darling.

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