The latest Manufacturers Alliance/MAPI Quarter Economic Forecast predicts that inflation-adjusted gross domestic product (GDP), which grew by 1.3% in 2008, will decline 2.1% in 2009 before rebounding to 2.2% growth in 2010. The GDP forecast for 2009 in the current MAPI report is double the previously anticipated 1% decline for this year projected in the November 2008 release.
We are in the midst of a very severe global recession in manufacturing which looks to be the worst recession since 1973-74 in terms of depth and duration, said Daniel J. Meckstroth, MAPI chief economist. “Manufacturing did not create the problem but is paying the price for the problems that began in the financial markets.”
MAPI economists …
