IMF economist predicts "minor contraction," then "slow recovery" for U.S.

At the Housing Crisis and Lessons for Monetary Policy discussion hosted by the Brookings Institution, Economic Counselor and Director of the International Monetary Fund Simon Johnson predicts a "minor contraction" for the U.S. economy this year, followed by a "slow recovery" next year. He also talks about the spillover effects of the U.S. housing market into other nations, and predicts a decline in global growth projection. (0:43)
Listen