AMERICAN ECONOMY

Press, Volume XCIX, Issue 29108, 21 January 1960, Page 13

AMERICAN ECONOMY

‘lmprovement To Continue’

(Rec. 10.30 p.m.) WASHINGTON, January 20

President Eisenhower today forecast a continued improvement in the United States economy this year and beyond. In his annual economic report to Congress he also predicted a moderate improvement in the United States balance of international payments this year.

The President said that in the next 12 months imports might grow more slowly than in the last two years, while exports should gain from increased prosperity abroad.

“On the other hand, new United States investment abroad may increase,” the President said “Therefore, the overall payments deficit may still be relatively large in 1960.” The United States ran a deficit of about 4000 million dollars in its balance of payments in 1959 Officials said it was hoped this could be cut to 3000 million dollars or less in the next 12 months.

In his letter transmitting the report to Congress, Mr Eisenhower set forth the economic gains made in 1959 and added: “As we look ahead, there are good grounds for confidence that this economic advance can be extended through 1960.”