Economic Perspective: The Future of Growth

NC State University Agricultural and Resource Economics professor Dr. Mike Walden works in a recording studio.

Economist Mike Walden

MARY WALDEN:

“Today’s program looks at the future of growth. Mike everyone wants to know where the economy is headed. They are particularly worried about the possibility of a recession. What are you telling folks when they ask for your prediction?”

 

MIKE WALDEN:

“Well it used to be when economists, like myself, were asked about the predictions regarding economic growth we would offer two possibilities: either the economy was going to grow or we’re not going to grow and we’re going into a recession. So there are two choices.”

“Recently, economists have really expanded that, and increasingly economists are not just talking about growth or no growth. They’re talking about strong growth, weak growth and negative growth. Of course, negative growth is a recession. The economic trend, really since the Great Recession in 2009 or 10 depending on what data you look at, is that yes the economy has been growing but it’s been weak growth. I think that’s one reason many people are concerned about the economy, upset about the economy and not happy with the economy because we’re not getting the typical economic growth.”
“Now if you look ahead, and you look at what various economic forecasters are predicting for this year, next year and maybe into 2018, overwhelmingly they are predicting growth, but they’re predicting slow growth. So I think our discontent, if you will, with the economy, if these projections are believed, will continue.”