The Obama Administration on Friday said they expect the economy to begin turning the corner by the end of the year with job growth coming some months after that.

"We'll see positive GPD growth may be the end of year and then it would take a little longer than that to see positive job growth," said Christina Romer, the head of the White House Council of Economic Advisers.

"There is a natural lag between the policies that we take and when they can actually effect the economy. As painful as it is to say you have to be a little bit patient, that is unfortunately where we are, she said on Reuters Financial Television.