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S&P: Economy To Bounce Back Fast

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NU Online News Service, March 15, 10:03 a.m. – The U.S. economy will rebound quickly, growing at nearly 4% both for the first quarter of 2002 and for the full year, according to David Wyss, the chief economist at Standard & Poor’s, New York.

Wyss predicts the recovery will surpass his own earlier estimates as well as recent Federal Reserve forecasts.

Recent economic figures show the economy grew at annualized rate of 1.4% in the fourth quarter of 2001, dispelling worries that the Sept. 11 attacks had overwhelmed consumers, Wyss says.

Wyss does cite two potential threats to continued growth: new terrorist attacks on the United States, and an increase in petroleum prices due to continued violence in the Middle East.