IMF admits 'weak' US is close to recession

The International Monetary Fund (IMF) today added to the growing chorus of concern the US is heading for a full-blown slowdown, stating that the world's largest economy "remains very weak, certainly close to a possible recession."

A leaked draft copy of the IMF's world economic outlook, the agency confirmed US growth would reach 1.5 per cent over 2008.

The forecast, which could still be changed before the report is released in April 9, is in contrast to the Organization for Economic Cooperation and Development (OECD) US gross domestic product (GDP) would grow by 0.1 percent in the first three months of this year, and then slow to zero expansion in the second quarter.

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