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IMF sees 'modest recession' in US, slow recovery in 2009

Discussion in 'Politics & Religion' started by lightless, Apr 9, 2008.

lightless Notable Member

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http://afp.google.com/article/ALeqM5hum8V2DA0fCS5aRIe2t_xK2qqnWg

WASHINGTON (AFP) â€” The US economy is likely in a "modest recession" and will stagnate through much of 2009 as housing prices slide further and credit conditions remain difficult, the IMF said Wednesday.

The International Monetary Fund said in its World Economic Outlook that the world's biggest economy would see growth overall for 2008 of just 0.5 percent, even with a massive tax rebate program designed to boost consumer spending.

For 2009, improvement will be scant, with growth averaging a meager 0.6 precent.

The IMF said even with the 168-billion-dollar stimulus and aggressive cutting of interest rates by the Federal Reserve, the US economy is still being hammered by the housing market crisis and a related credit squeeze.
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lightless, Apr 9, 2008 IP

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