Economists: Mass. Holding Its Own In 'Very Scary World'
An economic journal published by the UMass Donahue Institute declared today that the state is doing "pretty well in a very scary world," but warned that national and global events could weigh heavily on the prospects for future growth.
The editorial staff of MassBenchmarks, which consists of economists from UMass, Northeastern University and the Federal Reserve Bank of Boston, said Massachusetts has grown its gross domestic product at a better rate than the rest of the country, kept its unemployment rate below average and grown its tax revenues.
The economists identified four looming threats to future growth, the most prominent of which is the European Union fiscal crisis.
"Deteriorating conditions in the EU have already had an impact on the Massachusetts economy that can be seen in recent export data," they wrote. "The EU is one of the commonwealth's larger trading partners."
Other concerns include a slowdown in Chinese growth, a potential global oil-price spike brought on by turmoil in the Middle East and the "impending fiscal cliff at the national level."
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