Report to Congress on International Economic and Exchange Rate Policies

Report to Congress on International Economic and Exchange Rate Policies, U.S. Department of the Treasury Office of International Affairs, July 8, 2010

“The United States is now in its fifth quarter of economic growth. Growth has averaged 3.5 percent per quarter on an annualized basis during the recovery, which is well above the 2.4 percent weighted-average growth rate of other G-7 economies. Unemployment, however, at 9.5 percent in June 2010, remains unacceptably high and will require continued strong emphasis on sustained economic growth. The U.S. is saving more and borrowing less from abroad. The U.S. current account deficit in 2009 ($378.4 billion) was the smallest since 1999 in dollar terms, and the smallest since 1998 relative to GDP (2.7 percent). The current account deficit in the first quarter of 2010 was 3.0 percent of GDP. Over the next several years, U.S. national saving will increase further. The return of economic growth, the wind-down of emergency recovery measures, and other policies enacted and proposed by the Administration will reduce the U.S. federal budget deficit from 10.6 percent of GDP in FY2010 to around 4 percent of GDP by FY2013. The Presidents National Commission on Fiscal Responsibility and Reform is tasked with finding additional improvements to eliminate the primary deficit by 2015.”

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