UGA’s director of economic forecasting predicts a mild recession without a lot of job loss in 2023

February 3rd, 2023

Traders on the floor at the New York Stock Exchange watch Federal Reserve Chair Jerome Powell's news conference after the Federal Reserve interest rate announcement in New York, Wednesday, Feb. 1, 2023. (AP Photo/Seth Wenig)

Jeff Humphreys, the director of Economic Forecasting at UGA’s Terry College of Business, says the post-pandemic economic expansion is coming to an end in 2023 and a mild recession will start.

“I think it’s going to be very difficult for the Federal Reserve to cool down the economy to contain the highest inflation in forty years without triggering a recession,” said Humphreys on Friday’s edition of “ Closer Look.”

He further explained the 2023 Georgia Economic Outlook and shared why he thinks Georgia will do fairly well during the 6-month recession.

“For the last 3, 4, 5 years, Georgia has been setting record after record in terms of landing large economic development projects, and that’s one of the numerous reasons why I think Georgia will not really get hard by this particular recession,” said Humphreys.