(NEW YORK) — More than ever the U.S. is part of the global economy, with millions of American workers depending on jobs linked to imports and exports.
But a new warning that the world’s economy has weakened further could mean a slowdown for global trade and the biggest threat out there to American jobs.
In its latest update, the International Monetary Fund forecasts global growth of 3.3 percent this year — down from an estimate of nearly 4 percent just three months ago. Slower growth is also forecast for 2013.
“Risks for a serious global slowdown are alarmingly high,” says the IMF’s World Economic Outlook.
The report comes one day after a forecast of a deepening slowdown in China, the world’s second largest economy. India — another engine of growth — is also facing a serious slowdown.
Copyright 2012 ABC News Radio
Paul R. La Monica, CNN
Patrick Ary, WAAY
Jackie Wattles, CNN
Parija Kavilanz, CNN