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Paulson denies U.S. economy in recession |
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10:01, February 10, 2008 |
U.S. Treasury Secretary Henry Paulson said Saturday in Tokyo that the U.S. economy is not in recession and showed confidence about the long-term health of the world's largest economy.
"If you're growing, you are not in recession," Paulson told a press conference in Tokyo after a one-day meeting of finance ministers and central bank chiefs from the Group of Seven leading industrialized countries.
Paulson noted that the U.S. economy is expected to at a slower pace in the short term. The global financial markets have been in turmoil as fears of a possible U.S. economic recession continued with a series of defaults on U.S. subprime mortgages.
To ease impact of the subprime crisis, the U.S. Federal Reserve recently twice cut its key rate from 5.25 percent to 3.0 percent and the U.S. congress has passed a fiscal stimulus package.
Source: Xinhua
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