IMF released its yearly report about U.S. economy…
According to International Monetary Fund Americans must act quickly to avoid tax increases and sharp cuts in spending, which could cause economy contraction next year.
The IMF does not expect any major changes in the unemployment rate in the U.S., which reached in May 8.2%.
The IMF forecast for the United States talks about economic growth at 2% this year and 2.3% in 2013. The report stressed, however, that if Congress does not prevent tax increases and spending cuts early next year, it may cause a recession.
The IMF also warned that the European debt crisis may slow down economic growth in the U.S. The recession in Europe would reduce the profits of large U.S. corporations, causing a decrease in the course of their shares.
