US economy plunging to recession
Submitted by MichaelVail on Wed, 01/16/2008 - 4:02pm.
Press TV
Posted: 2008-01-16 15:56:18
Gerard Lyons said that the economic recession will hurt Asia's export-led economies; however, the region can cope with the situation due to its major currency reserves and improved finances. He warned that unlike previous recessions which usually lasted 10 to 11 months, the slowdown will continue till next year. The Federal Reserve plans to reduce interest rates to 3.0 percent by June to enhance growth, Lyons added. However, Lyons claimed that although Asia's economies are still reliant on the US, they have bigger currency reserves and better fiscal positions which could alleviate the impact of a US slowdown. Standard Chartered is predicting a 0.5 percent economic growth in the US this year. NA/BGH |
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