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Citibank economist says recovery time is here

Recovery in the US economy is imminent if not already under way, Citibank chief economist Leif Olsen said Wednesday.

He said that the expansionary monetary policy of the Federal Reserve System over the last few months would lead to increased personal income and result in a consumer-led recovery. Mr. Olsen said he believed the recovery would be stronger than initially anticipated and that real gross national product could grow at an annual rate of around 5 percent in the first half of 1983.

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The economist cautioned that whether the recovery would be sustained depended on monetary policy. The Fed regained market credibility by adhering to its restrictive monetary policy earlier this year, he commented.