The good news: the American economy is coming out of recession. The bad news: don't expect the recovery to be quick.

That's the message delivered Wednesday night by US Federal Reserve chairman Alan Greenspan. Expressing confidence that America is "close to a turning point," he cautioned that several factors could "moderate the speed of the anticipated recovery."

Nevertheless, the Fed expects growth of as much as 3% this year, though Greenspan warned that anxiety over corporate accounting in the wake of the Enron fiasco could threaten expansion.

Data sourced from: The Times (London); additional content by WARC staff