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Bush supports strong dollar policy
US President George W. Bush said on Sunday, the American economy was not growing as quickly as he would like and that his administration supported a strong dollar policy.
- Reuters
- Published: 00:02 July 7, 2008
Toyako, Japan: US President George W. Bush said on Sunday, the American economy was not growing as quickly as he would like and that his administration supported a strong dollar policy.
"Our economy is not growing as robustly as we'd like," Bush told reporters at a news conference after meeting Japanese Prime Minister Yasuo Fukuda ahead of the G8 leaders summit. "We had positive growth in the first quarter, we'll see what happens in the second quarter."
The US economy grew at a one per cent annual rate in the first quarter amid soaring oil and commodity prices. In a sign of continuing weakness, the Labour Department reported last week US employers cut jobs for the sixth straight month in June. "We're not as strong as we have been during a lot of my presidency," Bush added.
The Bush administration has come under pressure from abroad to take action to stabilise the weak US dollar, another issue likely to come up during the G8 meetings at the lakeside resort of Toyako July 7-9, after complaints the weakness has contributed to soaring food and fuel prices.
"In terms of the dollar, the US believes in a strong dollar policy and believes the strength of our economy will be reflected in the dollar," Bush said when asked what world leaders could do to improve the economy and intervene to boost the dollar.
When pressed on potential intervention, Bush replied, "I just said, the relative strength of our economy will be reflected in currencies." But Bush and Fukuda did not discuss currencies at the meeting.
Bush also pointed to the $152 billion economic stimulus package approved earlier this year as helping the economy and urged the US Congress to approve housing regulation reform.
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