April 11, 2007 / 10:25 PM / 12 years ago

IMF believes US housing market may bottom out

WASHINGTON, April 11 (Reuters) - The IMF’s forecast for another year of strong growth, with some risks, is based on the notion that the U.S. housing market will bottom out and a slowdown in U.S. capital spending will be reversed, a senior IMF official said on Wednesday.

At a briefing with reporters, the senior official played down expectations of a major announcement on global economic imbalances when finance ministers meet in Washington this weekend.

“Don’t expect a thunder-clap announcement that will change imbalances,” the official said, adding that a successful outcome will depend on if the five participating countries — the United States, China, Japan, Saudi Arabia and euro area nations, think the process was useful.

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