posted on Apr, 26 2009 @ 02:14 PM
Summers saying economy to decline
April 26 (Bloomberg) -- The U.S. economy will continue to contract “for some time to come,” said Lawrence Summers, director of the White House
National Economic Council.
“I expect the economy will continue to decline,” with “sharp declines in employment for quite some time this year,” Summers said today on
“Fox News Sunday.”
The International Monetary Fund, which held meetings last week in Washington, cut its forecast for each of the Group of Seven economies for this year
and next. The lender said the U.S. economy would shrink 2.8 percent this year and have no growth in 2010, with unemployment rising to 10.1 percent.