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Economists: Slow growth ahead for Vt. economy - WCAX.COM Local Vermont News, Weather and Sports-

Economists: Slow growth ahead for Vt. economy

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Jeff Carr Jeff Carr
WILLISTON, Vt. -

Slow growth and slow recovery continue to be the key words for economists predicting Vermont's economic fortunes over the next five years.

The latest forecast from the New England Economic Partnership actually reflects a slight downgrade from six months ago, due in part to concerns about fiscal cliff, the debt crisis and Europe's weak economy.

Among the predictions: progress will remain at a historically slow pace in the short term, with another 9-12 month delay before the recovery really takes hold.

Job growth is expected to be historically slow, averaging only 1.3 percent per year over the next five years. That would mean it will be late in 2014 before the number of jobs in Vermont is back to the pre-recession level.

Vermont economist Jeff Carr says if we get through the looming fiscal cliff, the economy should be positioned to return to normal performance.

"The fiscal cliff is already having an effect. People aren't hiring people. They're not making investments. And the issue is can we navigate through this period where the economy is still weak and do what we need to do to make a credible reduction in federal budget deficit without harming the performance of the economy," said Carr of Economic & Policy Resources.

Click here for the full forecast from the New England Economic Partnership.

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