IMF revises predicted growth rates of emerging markets

IMF revises predicted growth rates of emerging markets The International Monetary Fund said it has revised its growth projections for India, China and Russia this year because the three emerging giants have performed better than forecast in April.
   Russia and India both had their estimated growth rates bumped up 0.6 percent (to 7 percent and 9 percent, respectively), while China's growth rate has been revised from 10 percent to 11.2 percent. The growth rate is expected to cool very slightly in 2008, with Russia forecast to grow 6.8 percent, India 8.4 percent and China 10.5 percent. However, all three figures for 2008 are also upward revisions from the April forecast.
   Growth rates in Europe have also been revised upward while the U.S. growth rate, forecast in April at 2.2 percent for 2007, has been lowered to 2 percent.