Economists are predicting Pennsylvania’s economy will continue to emerge steadily but slowly from the recession of the past two years.
Global Insight, one of the firms the Governor’s Budget Office relies on for economic forecasts, has upgraded its forecast from late last year, but is still not calling for a “V-shaped” or more dramatic recovery that some predicted earlier. A Global Insight report entitled ‘U.S. Executive Summary’ said that credit conditions will remain tight and consumer spending sluggish through 2010, but expect sustained growth after the economy contracted by 2.5 percent in 2009.
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