The economic growth Georgia experienced this year will slow down in 2024 but not enough to cause a recession. Ben Ayers, dean of the Terry College of Business at the University of Georgia made the prediction. Ayers says Georgia is well positioned to weather an economic slowdown and the Georgia economy will outperform the U.S. economy.
He expects Georgia’s Gross Domestic Product to increase by 1.1% next year, which is smaller than the 3% percent growth the state had this year, but above the .8% growth rate predicted for the national economy. Ayers says the state’s unemployment rate will rise next year from this year’s 3.4%, but only to 4%.
Risks to Georgia’s economy include continued conflict in the Middle East and Ukraine, potential stock market disruptions, further labor unrest or a government shutdown but none of these would be enough to trigger a recession. The Georgia Economic Outlook series will continue next month and in February with programs in Athens, Albany, Augusta, Columbus, Jekyll Island, Macon, and Savannah.
