Mumbai: US economic growth will slacken further in the second half of the current year and in 2009, but the economy may not see a recession, a survey polling economists' opinion showed.

About 53.5 per cent of the 48 private economists surveyed for `Blue Chip Economic Indicators', a monthly newsletter, in its June issue said they did not believe the US economy was in or will enter a recession in 2008.

The economists  polled on June 2 and 3 projected third-quarter growth at a 1.5 per cent annual rate, down from the 1.7 per cent pace forecast a month ago. For the fourth quarter, they said the economy would likely expand by 1.2 per cent, down from the 1.5 per cent projected a month ago.

For the year as a whole, the consensus forecast moved up to 1.5 per cent from 1.4 per cent on account of an upward revision to first-quarter growth and higher second quarter expectations of 0.4 per cent from 0.2 per cent earlier.

The consensus projection for 2009, however, slipped for a sixth straight month, dropping to 1.9 per cent from 2 per cent.

Analysts, however, expect the low economic growth to eventually free up enough spare economic capacity to begin exerting downward pressure on prices. Most economists forecast consumer prices to advance 3.9 per cent this year, but just 2.6 per cent in 2009.

"As a result, inflation is expected to increase much less in 2009 than in 2008," the newsletter said.

The survey found that most economists expect the US federal reserve to halt downward revision of the interest rates, although, the newsletter said, the US central bank was not expected to start raising rates until the second quarter of next year.

The percentage of economists fearing no recession in the US economy has also gone up from 40 per cent in the May survey.

"The consensus now suggests the downturn in economic growth will be less steep than earlier feared, but the subsequent recovery in growth to its trend rate will take longer than hoped a few months ago," the newsletter said.