IMF to Cut Irish Economic Growth Forecasts Amid Global Slowdown

The International Monetary Fund will cut its Irish economic growth estimate for this year and next as the outlook for its main trading partners, the euro region, U.S. and U.K. “worsened substantially.”

The Washington-based fund will lower its 2011 gross domestic product forecast for the country to 0.4 percent and 2012 projection to 1.5 percent as part of its world economic outlook this month, it said in a report today. The IMF had been forecasting growth of 0.6 percent and 1.9 percent, respectively.