Paulsen sees no recession in stock turmoil

Aug. 16, 2007 at 3:28 PM

WASHINGTON, Aug. 16 (UPI) -- U.S. Treasury Secretary Henry Paulsen says he is confident the economy can withstand the current market downturn without provoking a recession.

In his first public remarks about the market turmoil, Paulsen said in a Wall Street Journal interview that he expects, however, there will be “a penalty on the growth rate” of the U.S. economy.

But, the turmoil, he said, came "against a backdrop of a very healthy global economy with strong fundamentals," and he predicts the economy will keep growing.

"Looking over periods of stress that I've seen, this is the strongest global economy we've had," Paulsen, former chief executive at Goldman-Sachs, said.

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