The International Monetary Fund (IMF) is detecting signs of recovery in the US economy, a top IMF official said in Seoul today.
'We are now beginning to see some signs that the slowdown could be beginning to turn toward a recovery,' Stanley Fischer, the IMF's first deputy managing director told a press conference.
Fischer said the decision of the US Federal Reserve to cut its main interest rate by a quarter rather than a half point reflected official US belief that the economy was heading toward a recovery.
The IMF sees some signs that the US economy is cyclically 'at the bottom' or 'at a turning point,' Fischer, who is on a visit to Seoul, said.
He said the IMF expected the US economy to grow 1.5% in 2001 and 2.5% in 2002.
