LEADING ECONOMISTS OFFER FORECASTS ON REGIONAL, STATE AND GLOBAL PROSPECTS
The outlook for continuing jobs and economic growth in the Bay Area are strong, according to data presented by Bay Area Council Chief Economist Jon Haveman at the 6th Annual Economic Forecast Conference hosted by the Bay Area Council Economic Institute and generously sponsored by Bay Area Council member Accenture. There was an overall tone of optimism, with forecasts by Haveman and UCLA Anderson Forecast Senior Economist Jerry Nickelsburg indicating sustained growth over the next two years. Matthew Robinson, Lead Economist for Accenture’s Institute for High Performance, spoke about the forces driving the global economy and the prospects for emerging markets.
The Bay Area, as it has been, will experience faster employment growth than will the state as a whole or the nation. The primary caveat to these forecasts is the looming U.S. fiscal cliff. At the end of 2012, approximately $600 billion worth of spending cuts and tax increases are scheduled to take effect, with the likely effect of sending the U.S. economy into recession, potentially taking the Bay Area economy with it. There was hope expressed by a panel of experts that this could be avoided, but the path to a solution is in no way clear. Follow the links below to the presentations. We will follow up next week with a video of the presentations.