Economist Encourages Central Ohio to Look Ahead Towards its Position in a Global Market

Encouraged by key economic indicators, the Columbus Chamber’s vice president of economic analysis believes the worst may be over in Ohio and elsewhere. 

“There is a strong growing consensus that the recession is over,” said Bill  LaFayette as part of his Blue Chip Economic Midyear Report. 

LaFayette says the gross domestic product is expected to expand by 2.1 percent in the fourth quarter of this year and then reach 2.8 percent by the start of 2010.  Three percent growth rate is considered by economists as healthy for growing economies.

LaFayette said that Central Ohio is faring better than the rest of the state and the nation.  The region’s unemployment rate at the end of June was 8.9 percent as compared with 9.5 percent nationally and 11.1 percent for the state. 

A recent study by the Wall Street Journal reports 84 percent of respondents expect the recession to end in September with about half of those indicating they believe the recession is already over. 

LaFayette said that in light of these encouraging indicators Central Ohio needs to be looking beyond the next two years and begin planning for the region’s future within a global economy.

For more details, see the story in Columbus Business First.