Global Economy Crisis Brings World Finance Leaders Together

Simon Johnson, IMF director of research, said the subprime mortgage housing crisis in the United States has brought economic growth in the world's largest economy nearly to a standstill. The U.S. economic turmoil, he added, has prompted the IMF to lower its projection for global growth in 2008 to 3.7 percent, well below its earlier prediction of 4.9 percent.