Saturday, October 3, 2009
Greenspan Predicts Economic Growth to Hit 3 Percent or Higher
Alan Greenspan, Federal Reserve Chairman, has predicted that the economy will grow by 3 percent or higher in the third quarter this year. He also predicts that the unemployment rate will increase over 10 percent. Part of this growth is due to the fact that only 40 percent of President Obama's initial stimulus package has been spent. When there is an increase in savings, there is an increase in investment, which in turns increases growth. Also, Greenspan has offered some short-term steps that will assist with the economic growth of the country.
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Well, its interesting to see any growth whatsoever. The past couple of years have been terrible in terms of growth rates where we have seen negative growth rates spanning various quarters. So this is good news generally for the economy and the world economy as well.
However, the high unemployment rates still paint a gloomy picture about the future. The Fed and the government need to step in with their policies to correct this situation.
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