The IMF sees global growth in ’12 slowing to 3.25% from 4% in ’11. It’s because the 17 nation Euro-zone will contract by 0.5% and China’s growth will slow from 9% to 8.2%. Growth here is expected to be 2%; better than ’11 but not enough to really dent unemployment. By suggesting, earlier today, that it will keep interest rates where they are till late ’14, the Fed has admitted that it too expects sluggish growth.