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U.S. economy not to fall into double-dip recession: Greenspan

(Xinhua)

08:35, August 24, 2011

WASHINGTON, Aug. 23 (Xinhua) -- The U.S. economy might see slow growth, but will not slide into a double-dip recession, said former U.S. Federal Reserve Chairman Alan Greenspan on Tuesday.

"I do not expect the United States to fall back into recession, though the odds of it have increased," Greenspan said at the Innovation Nation Forum in Washington DC.

The U.S. economy only grew 1.3 percent in the second quarter this year after a slower pace of 0.4 percent in the first quarter. Many economists said that the world largest economy may be risky of another round of recession.

The recent recession, which lasted 18 months, was officially ended in June 2009.

The former central banker said that the reason of the sluggish growth in the U.S. is because of the level of uncertainty.

Heavy debt burden, high unemployment, a downgrade of government rating, as well as political gridlocks in Washington have cast wide concerns over the U.S. economy.

The current Federal Reserve Chairman Ben Bernanke is expected to deliver a speech about the U.S. economic situation and its tackling measures at its annual meeting this Friday.

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