The International Monetary Fund (IMF) has slashed its growth expectations for the world’s biggest economy to 1.7 percent for the year, after a harsh winter crushed growth in the first quarter.

In June, the Washington DC-based institution forecast US growth at 2 percent.

The revised forecast is below last year’s 1.9 percent growth rate, and would be the slowest annual rate for the United States since the recession officially ended in June 2009.