Economists predict that Georgia will experience a recession this year, but an expected surge in economic development will make the recession mild and short.
MACON, Ga. (41NBC/WMGT) – Economists are predicting that Georgia will experience a mild and short recession this year.
On Friday, local business leaders participated in the UGA Georgia Economic Outlook 2023.
Dean of the Terry College of Business at the University of Georgia, Ben Ayers, says even though the state could face a recession this year, an increase in economic development will make the recession mild and short.
“We’re fortunate to be a very pro-business state,” Ayers said. “We have a great group of business professionals and for the ninth year in a row we have been ranked as the best state to do business in and that translates into great economic development projects across our state.”
Ayers predicts that an increase in economic development will result in more people moving to Georgia for jobs.
“Thousands of jobs will be created based on economic development projects,” he said. “You’re going to have more people moving into our state, and that’s going to affect our state’s economy.”
Despite job creation throughout Georgia, Macon-Bibb County faces a labor shortage.
dr Greg George, director of the Center for Economic Analysis at Middle Georgia State University, says companies need to look outside of Middle Georgia to alleviate labor shortages.
“The problem last year was really the labor shortage, so jobs aren’t the problem, the workforce is more the problem,” he said. “So we have to figure out how to get more workers in the city. “Casting a white net is my best advice. You have to look outside of the Central Georgia region and recruit people here and develop good packages to get people to come to this area.”
Economists say they’re already seeing signs of a recession in the housing market, but they say next year we’ll see a fall in high house prices.
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