IMF growth forecasts fall on purchasing power data

The International Monetary Fund (IMF) has lowered its growth estimate for 2007 by half a percentage point after reviewing research published by the International Comparison Program, a global statistical initiative involving over 100 countries.

Growth for last year is now estimated to be 4.7%, rather than 5.2%.

The IMF uses the purchasing power parity estimates by the International Comparison Program, which is based at the World Bank, to estimate growth. The Fund was forced to revise its

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