Former U.S. presidential economic adviser: worst of financial crisis is over

Source: Xinhua | 04-20-2009 08:45

BOAO, Hainan, April 19 (Xinhua) -- The worst of the financial crisis is finished, and the world is entering the time when things will get gradually better, John Rutledge, a former U.S. presidential economic advisor, said here Sunday.

He made the remarks during an exclusive interview with Xinhua at the Boao Forum for Asia (BFA) in China's southern province of Hainan.

The recession in China has already "passed the bottom", while the recession in the United States is "at the bottom", he said while describing the current global economic condition.

"The capital markets around the world are recovering very nicely," he said, adding that the real economy and paycheck have not yet hit the bottom, but "very near bottom", and will most certainly be improve by the end of the year.

He is more optimistic about the prospect of China's economy, as he is likely to raise the forecast of China's economic growth rate in 2009 between 6 percent and 8 percent.

"I think the recent signs suggest the number is too low," he said, referring to his previous forecast between 5 percent and 6 percent.