New Delhi: The International Monetary Fund has predicted that world economy will grow much slower in the next two years, as a result of a credit crunch.
India and China, though, will be less affected by the slowdown, because of their rapidly expanding economies.
The IMF predicts a slowdown of over one per cent in 2008 and 2009, led by the US, which will go into a mild recession this year. The IMF forecasts the US economy will grow by just half a per cent.
While India and China will be better off, both countries will be affected by slowdown in trade among rich countries.
In India, in the meantime, the committee set up to tackle inflation met on Wednesday.
Sources close to the committee have told CNN-IBN that steel prices will be targetted to bring down inflation.
Among the proposals discussed, one was a complete ban on steel exports which would declare steel to be an essential commodity.
The option to reduce import duty on steel to zero from the existing five per cent was also brought up.
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