Economic Outlook points to likely recession in 2023

ATLANTA, Ga. (Atlanta News First) - The Georgia Economic Outlook released by The University of Georgia shows that a short and mild recession is expected for next year.

“A 2023 recession is not inevitable, but it would take near-perfect monetary policy plus a lucky break to avoid one,” said Ben Ayers, Dean of the University of Georgia Terry College of Business.

Ayers predicts that industries like housing and real estate could take a big hit in January, forcing the state into a recession.

“Our forecast calls for Georgia’s inflation-adjusted GDP to decline, but only by .2%. So, it will be essentially flat,” Ayers said. “That is a small decline compared to prior recessions and to what we expect from the nation as a whole, which is a .7% decline,” said Ayers.

Financial expert Nick VinZant people we’re all changing their driving patterns to save up.

“While we have always seen gas prices fluctuate a lot, this is the first time that we’re really seeing people making changes associated with those gas prices,” said VinZant.

Quote Wizard estimates a third of Georgians are carpooling and stopping trips to stop their spending.

“The best thing to do is just try to cut costs where you can save when you can cut costs where you can, that’s an easy thing to say and a really hard thing to do,” said VinZant.

Companies and people moving to Georgia could help with spending and growth. To read the report, click here.