Study: Next Few Years Could Be Gloomy For Massachusetts
The Massachusetts economy will fare better than the national economy in 2012, but recovery will be weak or sluggish and momentum will not build until mid-2013, according to a New England forecast from the University of New Hampshire.
The Massachusetts forecast, authored by Northeastern University economist Alan Clayton-Matthews, predicts that the state will avoid recession, but that some job losses are still expected into the first quarter of 2012. The unemployment rate here is expected to rise by one-half of a percentage point.
The New England region could be negatively impacted by the European debt crisis as well as government fiscal challenges and weak consumer and investor confidence, according to Ross Gittell, a UNH professor who authored the report.
The region's gross regional product will grow by less than 2 percent until early 2013 and will grow less than three percent until 2014. The study predicts New England will not return to its pre-recession employment levels until the second quarter of 2015, Gittell predicted.
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