US will not suffer recession in '08 - Bush

The annual Economic Report of the President says the US can expect to see growth of around 2.7%, despite recent shockwaves in financial markets. However, the report concedes that problems emanating from the credit crunch could hamper growth. The US Government has already proposed a $167bn economic stimulus package, including tax rebates, to help prevent a recession. In addition, the US Federal Reserve has cut interest rates by 1% since the beginning of the year, to 3%. The report says economic growth will be slow in early 2008 but is expected to strengthen in the latter part of the year...