A panel of economists from New England, say the credit crisis and national housing slump will slow the regionâ€™s economic turnaround.
Though their assessment is pretty bleak, economists from New England Economic Partnership predict that the region will avoid the recession thatâ€™s expected for the nation as a whole this year.Â Thatâ€™s thanks mostly to Massachusetts,Â which has been able to offset the national housing slump and credit crunch with demand for its technology products.
In Connecticut, the finance, housingÂ and business sectors have all been hard hit. Income and tax revenue growth will slow, and that will strain Connecticutâ€™s state and local government budgets.Economists are forecasting minimal job growth in the state through 2009. The non-profit New England Economic Partnership is made up of members from private industry, government and academia.