Home / Business Tools: Save | Print | E-mail | Most Read | Comment
Geithner says US economy stabilizing despite some difficulties
Adjust font size:

U.S. Treasury Secretary Timothy Geithner speaks during a luncheon hosted by Newsweek magazine.[Xinhua]

U.S. Treasury Secretary Timothy Geithner speaks during a luncheon hosted by Newsweek magazine.[Xinhua]

U.S. Treasury Secretary Timothy Geithner said on Monday that the American economy is stabilizing despite some difficulties ahead.

"There's more stability. The pace of decline in most measures of economic activity have slowed quite a lot, and that's an important beginning," said Geithner in a luncheon hosted by Newsweek magazine.

"You're seeing some improvements in credit markets. Some markets are thawing, easier for people to issue, to borrow. Costs of credit are coming down," he noted.

But the Treasury chief also warned that the current crisis is "the most challenging economic crisis that this country has seen in generations."

"It took a long time for these problems to build up," he said. "It's going to take time for us to work through them."

"I think even as growth starts to turn positive -- which will happen -- unemployment is going to keep increasing for a while," said Geithner. "And it's not going to feel -- it's not going to feel better for a long time for millions of Americans."

(Xinhua News Agency May 19, 2009)

Tools: Save | Print | E-mail | Most Read Bookmark and Share
Comment
Pet Name
Anonymous
China Archives
Related >>
- Geithner visit may focus on joint effort to beat recession
- US Treasury's Geithner to visit China
- Geithner: China's policy stabilizing int'l financial system
- Geithner: China plays stabilizing role in current crisis
- Geithner postpones unveiling financial bailout plan
May 7-8 Brussels China-EU high-level trade talks

May 17-22 Hong Kong Heilongjiang-Hong Kong Trade Cooperation Seminar
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?