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Geithner sees signs of growth, but stimulus remains needed

Published: 02/09/2009 05:00

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U.S. Treasury Secretary Timothy Geithner said on Wednesday that the United States and other countries should continue to stimulate the economy despite some early signs of growth.

“You have seen now the first signs of growth, positive growth, in this country and around the world,” he said in a media briefing ahead of the weekend’s London meeting of the Group of 20 finance ministers and central bank governors.

Geithner said that efforts by the United States and other nations to fight the worldwide economic crisis have been able to pull the global economy back from the abyss. But government support to the economy needs to last until the recovery becomes clearer.

He says he will stress that point at the meetings of finance ministers in London that start on Friday.

The U.S. economy contracted 1.0 percent in the second quarter of this year, after declines in the previous three quarters. Most analysts expect the world’s largest economy to post a growth in the third quarter.

More and more recent data signaled that the U.S. economy is returning to growth.

U.S. President Barack Obama said a day ago that the country is “on the path to economic recovery.”

The Institute of Supply Management, a leading economic data provider, said on Tuesday that its index of the factory sector, also known as the purchasing managers index, jumped to 52.9 percent in August after 18 months of decline. Any number above 50 indicates growth.

The Labor Department reported on Wednesday that U.S. workers’ productivity rises 6.6 percent in the second quarter, a six-year high. And the Commerce Department reported the same day that U.S. factories orders rose 1.3 percent in July.

Some experts said it seems that no more stimulus actions are needed since it will worsen the country’s rocketing budget deficit.

VietNamNet/Xinhuanet

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