MAPI Report: Economy Showing Signs For 2010 Recovery
Inflation-adjusted gross domestic product, which grew by a miniscule 1.1% in 2008, will decline 2.9% in 2009 before rebounding to 1.9% growth in 2010, according to the latest Manufacturers Alliance/MAPI Quarterly Economic Forecast.
The GDP forecast for 2009 is lower than the previously anticipated 2.1% decline for this year projected in the February 2009 release.
We are in a severe global recession where manufacturing is taking the brunt of the decline. Fortunately, we are starting to see signs of economic conditions beginning to stabilize, said Daniel J. Meckstroth, Manufacturers Alliance/MAPI chief economist. “We expect that the eventual recovery will be sluggish due to continued deleveraging by consumers as they move away from …
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