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Washington: America`s economic recovery from the current financial crisis is slower than the previous ones, a White House official said on Monday, adding that this is apparently because the crisis has been worse-than-ever.
"So over a five-year period, the typical recession since World War II has been followed by a growth rate of a little less than 4.2 per cent over five years. Our forecast is about 3.8 per cent over five years," President`s Council of Economic Advisers Chairman Austan Goolsbee said.
"So its slower than the typical recovery and we assume that because it`s harder to get out of a financial recession," he told reporters as the White House unveiled its Annual Budget.
Goolsbee said the real GDP growth on a year-over-year basis, the administration is forecasting 2.7 per cent in 2011, 3.6 per cent in 2012, 4.4 per cent in 2013.
