Recovery of US economy to take years: Obama
The recovery of American economy, currently reeling under the worst ever economic crisis after the Great Depression, would take years not months, the US President, Barack Obama has said.Updated: Feb 15, 2009 02:17 IST
The recovery of American economy, currently reeling under the worst ever economic crisis after the Great Depression, would take years not months, the US President, Barack Obama has said.
Addressing a meeting of top US corporate leaders, hours before the Congress finally passed the USD 789 billion stimulus package, Obama said this is the beginning of the hard work they all would have to do in coming years to bring the country's economic back on track.
"Passing this plan is a critical step, but as important as it is, it's only the beginning of what I think all of you understand is going to be a long and difficult process of turning our economy around," Obama said addressing an audience of top US business executives.
"To truly address this crisis, we will also need to address the crisis in our financial sector to get credit flowing again to families and businesses. We need to confront the crisis in the housing sector that's been one of the sources of our economic challenges," Obama said.
The US president said a "comprehensive financial reform" in the way government relates to financial markets to deal with the complex challenges of the 21st century is need of the hour to ensure that a crisis like this can never happen again.
First Published: Feb 15, 2009 02:11 IST