Economists predict state of Georgia’s 2023 economy at UGA Economic Outlook

Economists predict Georgia will see a recession this year, but an expected increase in economic development will make the recession mild and short.
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MACON, Georgia (41NBC/WMGT) – Economists predict Georgia will see a mild and short recession this year.

On Friday, local business leaders attended the 2023 UGA Georgia Economic Outlook.

The Dean for the Terry College of Business at the University of Georgia, Ben Ayers, says even though the state may see a recession this year, a increase in economic development will make the recession mild and short.

“We are fortunate to be a state that is very business friendly,” Ayers said. “We’ve got a great group of economic professionals, and for the ninth year in a row, we’ve been ranked the best state in which to do business, and that translates to great economic development projects across our state.”

Ayers predicts an increase in economic development will lead more people to move to Georgia for jobs.

“Thousands of jobs will be created based on economic development projects,” he said.  “You’ll have more people moving to our state, and that will have a ripple effect throughout our state’s economy.”

Although jobs are being created throughout Georgia, there is a labor shortage in Macon-Bibb County.

Dr. Greg George, the Director of the Center for Economic Analysis at Middle Georgia State University, says companies will have to look outside Middle Georgia to recruit workers in order to ease the labor shortage.

“The problem has been really within the past year is the labor shortage, so jobs aren’t the problem, labor is kind of the problem,” he said. “So we do need to figure out how to get more labor resources in town. “Casting a white net is my best advice. You’re going to have to look outside the Middle Georgia region and recruit people here and come up with good packages to entice people to come to this area.”

Economists say they’re already seeing signs of recession in the housing market, but they say we will see an easing of high housing prices going into next year.

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