First half to witness slow economic growth

The US economy will almost crawl in the initial half of the year 2008.The economist have been forecasting the economic recession in US which is said to get doubled in last three months to reach 45%.The forecast on economic recession was given by the National Association for Business Economics.

The increase in oil price, housing slump and mortgage crisis has led the market to fall and the growth will be slow to reach 0.4 % in the initial quarter of the year and 1% in the second quarter. The survey suggested that the economy will expand by 1.8% by the end of the year.