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News Summary: IMF cuts forecast for global growth

The Associated Press

DIALING BACK: The International Monetary Fund has lowered its outlook for the world economy this year, predicting that government spending cuts will slow U.S. growth and keep the euro currency alliance in recession.

THE NUMBERS: The global lending organization cut its forecast for global growth to 3.3 percent this year, down from its forecast in January of 3.5 percent. It expects U.S. economic growth of 1.9 percent this year, down from its January estimate of 2.1 percent. It expects that the 17-country eurozone will shrink 0.3 percent in 2013.

TOP PERFORMERS: The IMF expects China's economy to expand 8 percent this year, down from its previous forecast for 8.1 percent growth. India is projected to expand 5.7 percent this year, down from the IMF's previous forecast of 5.9 percent growth.