IMF expects global growth to slow to 3.7%

The International Monetary Fund cut its forecast for global growth this year and said there's a 25 percent chance of a world recession, citing the worst financial crisis in the US since the Great Depression.

The world economy will expand 3.7 percent in 2008, the slowest pace since 2002, according to the "IMF Background Paper on the Update of the Global and Regional Outlook". In January, the fund projected a growth of 4.1 percent.

The IMF also forecast China would grow 9.3 percent this year, slower than the 10 percent projection made in January.