29-02-2008
Bush rejects US recession speculation
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
US president George Bush has announced that the country's economy is not moving towards a recession.
Speaking during a press conference at the White House, although Mr Bush conceded that the US economy has undergone a process of slowing down, he rejected the idea that America is heading towards a recession.
Under traditional definitions of what constitutes a recession, it can be said that a country has entered into a recessionary period when there is a gross domestic product decline for a successive period of two or more quarters. "There is no question the economy has slowed down. I don't think we're headed into a recession, but there is no question we are in a slowdown," said Mr Bush. "Why don't we let the stimulus package we have a chance to kick in."
The package of measures referred to by Mr Bush relate changes in taxation, which are scheduled to enter into force into May. It is believed that these measures will encourage America's consumers to return to previous levels of spending.