Strong job market expected to power state economy in 2024, according to sepaker at economic forum in Albany

Georgia’s economy, as well as that of the country as a whole, is expected to slow down from the hot pace of 2023, but the consensus is that the slowdown will not tip the state’s economy into a recession.

That was a main takeaway from the annual economic outlook delivered on Thursday by Ben Ayers, dean of the University of Georgia’s Terry College of Business.

Dean estimated that Georgia’s odds of a recession is about one in three, while he put the chance of a national recession at less than 50%.

The economist predicted that the strong labor market that helped prevent a recession last year will continue to power the economy in 2024.

“The job market will remain very strong and (stave) off a recession,” he said. “We expect that inflation will continue to ease,” he said. “We do not expect inflation rates to rise.”

Barring headwinds from some event such as a significant jump in oil prices, a misstep by the Federal Reserve Board or other financial crisis, Ayers said there is a good chance of achieving the proverbial “soft landing” where an increase in interest rates to reduce inflation does not lead to a recession.

“Albany will continue to add jobs,” he said. “In 2024 the pace of job growth is expected to slow.”

Staff Photo: Alan MauldinAlanMauldin[email protected]