US President George W. Bush will today hold an economic forum to discuss ways of reviving growth and to project concern about US unemployment.
The meeting brings together about 250 executives, union members, small investors, top officials, students and scholars to talk about job creation and economic recovery as well as corporate responsibility, trade and health care.
Mr Bush organized the session at Baylor University in Waco, Texas, about 25 miles from his Crawford ranch, hoping to restore investor confidence after corporate scandals eroded faith in corporate America and dragged down the stock market.
Aides say the meeting was not expected to generate any new policies, at least in the short term. And critics derided it as a made-for-TV public relations extravaganza that is tilted toward those who support Mr Bush's policies and designed mainly to cast Mr Bush as engaged on the economy ahead of the November 5th congressional elections.
"We are on a path to sustained economic growth," said White House spokesman Mr Scott McClellan, adding that Mr Bush was eager to hear from ordinary citizens at the meeting. "The president believes the best solutions are found outside Washington."
Economists are not so sure the US is poised for strong growth. Yesterday, investment bank Morgan Stanley cut its 2002 estimate for US growth to 2.3 per cent from 2.9 per cent, and its 2003 estimate to 3.1 per cent from 3.8 per cent.