U.S. economy pick-up seen in second half of 2008
Thursday, 24 April 2008, 19:30 IST
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New Delhi: Despite major challenges facing the US economy, a pick-up will be seen in the second half of 2008 thanks to the $150 billion bailout package of the George W. Bush administration, a senior Treasury official said here Thursday. David H. McCormick, the US Treasury Department's under secretary for international affairs, said the $150 billion package intends to give sops to the US taxpayer with effect from May 2 and would create as many as 150,000 jobs. "Hopefully it will be an important stimulant to the economy," McCormic told a news conference here, adding that there would be more write-offs of bad assets by the global financial in ensuing months due to prudent accounting standards. He said companies and financial institutions around the world had written off $300 billion from their books already, of which almost a half was accounted for by those based in the US. "Not all is behind us, but we have made progress," said McCormick, who was here to meet with key Indian officials including Planning Commission Deputy Chairman Montek Singh Ahluwalia, after a visit to Chennai and Mumbai. "We hope we will begin to see a slight improvement in the overall economy in the back half of 2008."
Source: IANS
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