The International Monetary Fund (IMF) has predicted a lower growth rate of 6.4 per cent for Ghana and other countries in the sub-Saharan Region in 2008. The July Revision of IMF World Economic Outlook (WEO) said the sub-Saharan African countries’ projected growth rate of 6.9 per cent in 2007 might drop to 6.4 per cent in 2008. The region recorded a growth rate of 5.5 per cent in 2006. The IMF said the global economy continued to expand at a brisk pace in the first half of 2007. “Emerging market countries have led the way, with China growing by 11.5 per cent in the first half of 2007, and India and Russia also growing very strongly,” Charles Collyns, Deputy Director of IMF’s Research Department indicated. “Although growth in the United States slowed in the first quarter, recent indicators suggest that the US economy gained strength in the second quarter. “In Japan, growth has remained above trend with some welcome signs that domestic demand is taking a more central role in the expansions,” Collyns said. The Fund pointed out that inflation remained generally well contained, despite developing countries’ challenge of facing rising price pressures, especially from energy and food. Oil prices have risen against the backdrop of limited spare production capacity, while food prices have been boosted by supply shortages and increased use of biofuels, the WEO said. “Against this background, global growth is now projected at 5.2 per cent in 2007 and 2008, which is 0.3 percentage points higher for both years than projected at the time of the April 2007,” the Fund said. source: Daily Guide