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US gross domestic product could grow at an annual rate of as much as 3 percent next year as consumers and businesses start to regain confidence, Peter Cardillo, chief market economist from Avalon Partners, told CNBC Tuesday.

"It's all a question of confidence and that confidence is coming back. It's not only coming back among the consumers, but it's also coming back among the businesses," Cardillo said.

 A survey by Chase Card Services, the credit card division of JPMorgan Chase & Co, that was released on Friday showed that a significant number of American small businesses believe the economy will improve in three to six months and are enthusiastic about pu

The newly elected President of the United State who takes office on January 20th, Barack Obama said that in order to overcome the economic problems will require the sacrifice of Americans and some promises made during the campaign will be postponed.

He made a statement to reply to a recent national unemployment report about what he said previously on saving or creating 3 million to 4 million new jobs.