Bad news for US economy: IMF

afp
Paris - Weakness in the US property market will continue to weigh on US growth, which is slowing down, International Monetary Fund deputy managing director John Lipsky said here on Wednesday.

The strains in the property sector would be felt for the next few quarters, he told a press conference outside a ministerial meeting of countries in the Organisation for Economic Cooperation and Development.

But he implied that the IMF stood by its forecast that the US economy would grow by 2.2% this year, after 3.3% growth last year.