A report from the International Monetary Fund has said an economic slowdown in the US would have only a modest global impact if it were confined to the property sector.
The IMF report warned, however, that the shock to the global economy could be more significant if the downturn spread to consumer spending and business investment.
The IMF made its comments in a portion of its semi-annual World Economic Outlook. The full report, with projections for global growth, is to be released next week.
The report said any slowdown in the US economy 'can exert spillovers' in both advanced and developing countries, especially to those with strong trade ties to the US.
It noted that the impact on other economies may depend on how much of the slump extends beyond the US property markets.
The IMF report said separately that some of the global economic imbalances may be corrected as the dollar's value declines. The massive US trade gap is among key concerns for finance officials as surpluses and currency reserves mount in countries such as China.
