US still under economic turmoil: former envoy

The United States, which suffered a severe economic jolt under the global economic crisis post September 2007, has a long way to recover from it, former US Ambassador to India Frank Wisner said today.

''Though there are positive symptoms of recovery, we still have a long way to go. The recovery has been very slow. The real recovery could probably be seen only after 2011,'' he told newspersons here.

He, however, said his statements were personal observations and not that of the US government.

''The crisis has really shaken up the biggest economy and it is certainly the US which has experienced its greatest depression,'' he said.

However, the stimulus packages and financial regulation introduced by US President Barrack Obama have resulted in things moving in the right direction. ''Steps have been taken to attract investments from other countries including India,'' he said.

He said for the first time in her history, the US was witnessing 10 percent unemployment. Mr Wisner earlier addressed a Round Table discussion on ''State of US-India Relations and the Economic Opportunity'', organised by Indo-American Chamber of Commerce (IACC) here. The event was hosted by Fairfax County Economic Development Authority (FCEDA) and the Washington-based law firm, Patton Boggs LLP. The former diplomat is now the senior foreign affairs advisor of Patton Boggs.

-- (UNI) -- 06MS16.xml

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