Monday
Feb222010
"The Great Recession" Has Ended, Says Economist
Monday, February 22, 2010 at 9:55PM
By Laurel Brishel Prichard - University of New Mexico/Talk Radio News Service
“The recession is over,” said Dr. Mark Zandi, Chief Economist of MoodysEconomy.com, Monday afternoon at the National Governors Association’s winter meeting. The closing plenary statements were hopeful in regards to the economy and the increase in jobs.
The economy has begun to grow and the loss of jobs should end after one more month, according to Zandi. The increase of the Gross Domestic Product by four percent in the second half of 2009 will act as a gateway to not only more jobs, but the continued stabilization of the economy as a whole, he added.
“The coast is not clear, at least not yet,” said Zandi with regards to the economic standing.
While the tide is slowly starting to turn with the job market, there is still a lot of work to be done in terms of the housing market, which is a major factor in our nation's economic standing, said Zandi.
The housing market will take much longer to rebound in comparison to the job market. The amount of foreclosures that have recently flowed into the real estate market will be what keeps the housing market depressed and what keeps local tax revenue constrained, Zandi said.
“Even when we are on the other side of this great recession...when the economy is growing again your troubles will not go away,” said Zandi to the panel of Governors on the issue of state and local revenue growth.
“The recession is over,” said Dr. Mark Zandi, Chief Economist of MoodysEconomy.com, Monday afternoon at the National Governors Association’s winter meeting. The closing plenary statements were hopeful in regards to the economy and the increase in jobs.
The economy has begun to grow and the loss of jobs should end after one more month, according to Zandi. The increase of the Gross Domestic Product by four percent in the second half of 2009 will act as a gateway to not only more jobs, but the continued stabilization of the economy as a whole, he added.
“The coast is not clear, at least not yet,” said Zandi with regards to the economic standing.
While the tide is slowly starting to turn with the job market, there is still a lot of work to be done in terms of the housing market, which is a major factor in our nation's economic standing, said Zandi.
The housing market will take much longer to rebound in comparison to the job market. The amount of foreclosures that have recently flowed into the real estate market will be what keeps the housing market depressed and what keeps local tax revenue constrained, Zandi said.
“Even when we are on the other side of this great recession...when the economy is growing again your troubles will not go away,” said Zandi to the panel of Governors on the issue of state and local revenue growth.
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