Now The NABE Is Slashing GDP Projections

Knife Slashing

Photo: Wikimedia

The National Association for Business Economists just slashed their GDP projections for 2010, cutting the growth number to 2.6% from 3.2%.2011’s growth is also expected to be a modest 2.6%, according to the group.

37% of the NABE panel characterised the recovery as, “subpar as severe wealth losses and onerous debt burdens inhibit spending and lending.”

The result of that scenario will be weak consumer spending and modest holiday sales growth.

Read the full release here >
Click here to see why Goldman thinks we’re either destined for a bad, or very bad economic period >

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.