Washington: Amid concerns in India and other emerging economies over the US economic downturn, President George W Bush today struck a reassuring note, saying the foundation for long-term growth "remains solid".

"... I know many of you are worried about the risk of an economic downturn, because of the instability in the housing and financial markets. You should know that while economic growth has slowed in recent months, the foundation for long-term growth remains solid," he said.

In a preview of what he is going to tell the nation on Monday night in his last State of the Union Address, Bush has said that while he will be discussing the "full plate" of the unfinished business, the economy and national security are two issues that merit immediate attention.

India's worries were voiced by Prime Minister Manmohan Singh yesterday in New Delhi when he said that "in an inter- dependent world, international financial crisis can affect economies of developing countries like India." Singh had hoped that the US "will take effective and credible steps to check the sub-prime crisis".

In his radio address, Bush said "I believe that with swift action, we can give our economy the boost it needs to continue expanding and creating new jobs for our citizens." The US President had on Thursday announced a $140 billion economic growth package.

Following heavy losses by big US banks lending to risky mortgage business, the global markets have been engulfed by fears that the American economy may take a hit.

Source : PTI