COLUMBUS, Ind. — Local and state economic experts are predicting an economic slowdown in the coming year, though the level of severity will depend on a number of different factors.
Or, as Indiana University Kelley School of Business senior lecturer Jennifer Rice put it, her outlook is optimistic “but with a little bit of pessimism.”
The annual Indiana Business Outlook Panel was held at The Commons on Monday, with experts from Indiana University and Columbus presenting their predictions for 2023 — a year that holds the most “uncertain outlook in a half century,” according to IU’s experts.
“The overall conclusion is that there’s likely to be some form of recession in 2023,” said Rice. “It just depends: Are we going to be on the optimistic end, or are we going to be on the pessimistic end?”
The Kelley School has presented the annual Business Outlook forecast to communities around the state since 1972, basing predictions on research from its Indiana Business Research Center.
This year’s Business Outlook tour includes visits to nine cities and began with Bloomington on Nov. 10. At each stop, Kelley School faculty and local panelists provide 2023 economic forecasts at a global, national, state and local level. Their insights include economic trends expected to occur in the coming year, as well as the outlook for financial markets.
The Columbus panel was sponsored by the Columbus Area Chamber of Commerce, Centra Credit Union, IUPUC’s business division, the Indiana Business Research Center and the Kelley School of Business. Proceeds from the local event support scholarships for IUPUC business students.
Kelley School officials stated their forecast for 2023 utilized two sets of assumptions to create two different forecasts for the year. One is optimistic; the other is “moderately pessimistic.” Continued consumer spending and having more workers to enter the labor force would be key factors in improving economic outcomes.
For more on this story, see Tuesday’s Republic.
