End of US economic crisis in sight.
The US economy went into recession in December 2007. Obama added that the economy had begun to show signs of revival and if continued in this direction and there were no further difficulties on the way, he fully trusted and was confident that it would be possible to revive the economy and put it on a healthy track. He referred to figures that indicated increased credit for small firms, and to the revival plan he announced in February costing $787 billion over 3 years. According to newspaper reports published recently based on research conducted by 54 economic experts and analysts, recession in the US is expected to end after less than 6 months.
The reports cited expectations expressed by these experts saying that recession would be overcome as early as September next. However, most of the experts said that the economy would not turn back to flourishing sufficient enough to reduce unemployment averages before the middle of 2010.
According to the research, it is expected that the internal gross product would retract by 5% on an annualized basis in the first quarter. It would further retract by 1.8% in the second quarter, before registering a definite upturn in the third quarter showing a positive +0.4%, and +1.6% in the fourth quarter. One of the executives at Federal Reserve, Garry Stearns said that revival of the economy was not very far away, without specifying any definite point in time.
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|Publication:||Saudi Economic Survey|
|Article Type:||Brief article|
|Date:||Apr 16, 2009|
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