The International Monetary Fund forecasts lower long-term GDP growth in the US than the Federal Reserve and government, and points out the fiscal expansion could raise inflation faster than expected, altering the course of monetary policy.

The fund acknowledges that the $1.5 trillion in tax cuts approved by Congress late last year, coupled with $300 billion in increased federal spending, will boost the recovery this year and in 2019. However, the stimulus fails to increase productivity and long