美国经济在2009年第三季度扭转了连续4个季度的负增长,并在第四季度创造了近10年来少有的增长纪录以后,到2010年上半年,经济增长又逐渐趋缓,显示出不稳定的特征。虽然国内消费在银行消费信贷支持下出现了增长,不过设备和软件的自主投资也开始恢复,并对经济增长起到了关键性的支撑作用。美联储扩张性货币政策的效果主要体现为金融市场的稳定,但是商业银行的工商贷款依然在下降,以制造业和批发业为代表的实体经济也还没有恢复到危机前的水平。失业率还维持在高位,核心通货膨胀率和产能利用率更显示美国宏观经济形势还不乐观。在资本项目顺差还不稳定的情况下,创纪录的国债负担进一步加剧了美国内外经济平衡的难度。由于经济复苏还不稳健,第二轮数量宽松政策随之出台。我们认为,2010年全年经济增长预计在2。9%左右。如果不出现新的不稳定因素,2011年美国经济各项主要宏观经济指标将逐渐向长期均衡水平收敛,经济增长率预计将维持在2。5%左右。
<<The U.S. economy expanded at a low pace and ended its four quarter-long recession in the third quarter of 2009. After rising at an annual rate of 5 percent,the third highest record in the past 10 years,in the last quarter of 2009,the real GDP growth was continuously slowed down in the first half of 2010 and presented an unstable recovery. Domestic private consumption and fixed investment played key roles in the growth. However,commercial and industry loans is still decreasing,real economic activity does not resume to the pre-crisis level. The high unemployment rate and the low level of core CPI index and capacity utilization indicate the fragility of the recovery. Furthermore,the record-high federal government debt will make it difficult to balance the internal and external economies.Our assessment is that the stimulus package will continue in the near future and the US economy will grow at 2.9% in 2010,and will be around at 2.5% in 2011,if no more shock present.
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