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Worst yet to come: White House economic advisor.

AFP - Sunday, July 12NEW YORK (AFP) - -

When it comes to the economic crisis, the worst is yet to come, top White House economic advisor Lawrence Summers said Saturday.

"I don't think the worst is over," Summers told the Financial Times. "It's very likely that more jobs will be lost. It would not be surprising if GDP has not yet reached its low."

Despite his worried outlook, Summers, director of President Barack Obama's National Economic Council, acknowledged a change in the economic environment.

"What does appear to be true is that the sense of panic in the markets and freefall in the economy has subsided and one does not have the sense of a situation as out of control as a few months ago," he said.

The US Commerce Department is scheduled to publish on July 31 its first gross domestic product (GDP) estimates for the second quarter, and economists are expecting a continuation of the decline that began last winter.

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