Recession has been good for the economy, said outgoing Federal Reserve Vice Chairman, Don Kohn. He said that it has brought about structural changes in the economy, something which was very important for it.

The spending pattern of the Americans has changed and this will surely make the economy healthier over time.

While giving a speech in San Francisco, Kohn said that US economy has come out stronger from the recession. It is now more resilient and is pushing itself on the path of growth, which is going to be sustainable.

Unlike the past, the consumers are saving more, credit will be lesser than it earlier was and most importantly housing will contribute a smaller portion of the pie. All these are signs of better future.

Kohn is leaving his post in June this year.

Meanwhile, Kohn further added that the government is going to play a bigger role in promoting a transition in economy through its policies.

Kohn noted that the growth in US economy was "on track" and said that Americans need to be more patient.

He also announced that the interest rates are going to be in between 0-0.25 per cent.