NEW YORK (CNNMoney) -- The global recovery is moving at two speeds, with emerging countries like China still expanding rapidly as advanced economies like the United States grow at a snail's pace.
"The pace of activity remains geographically uneven, with employment lagging," the International Monetary Fund said in the first two chapters of its World Economic Outlook, released Monday.
Overall, the IMF kept its forecast for worldwide economic growth unchanged at 4.8%, but lowered its estimates slightly for many of the world's largest developed countries.
Citing weak real estate markets and high unemployment, the IMF cut its forecast for U.S. economic growth to 2.8% this year, down from the 3% rate it predicted just three months ago. The IMF also lowered forecasts for the United Kingdom and Japan.
When lumped together, advanced economies are expected to grow at a 2.4% rate in 2011, and 2.6% in 2012. Meanwhile, emerging markets are predicted to grow 6.5% both this year and next.
The so-called BRIC countries -- Brazil, Russia, India and China -- remain the leaders of emerging markets, far outpacing growth in the developed world.
China's forecast stays at a breakneck speed of 9.6%, while India's was lowered slightly to a still-rapid 8.2%.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.93%||4.15%|
|15 yr fixed||3.03%||3.12%|
|30 yr refi||4.01%||4.20%|
|15 yr refi||3.09%||3.17%|
Today's featured rates:
Better-than-expected iPhone sales and record Mac sales lifted Apple in its fiscal fourth quarter. More
The Fed official overseeing Wall Street says things need to change, and if the risky culture isn't turned around, it may be time to break up the big banks. More
In three years, all Chicago high school students will have to take a coding course in order to graduate. More
Detroit has 80,000 dilapidated properties and 100,000 empty lots. It's trying to get more people like Antjuan Wyatt to buy them. More