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UGA’s Terry College Dean Has Hopeful Predictions for Georgia Economy in 2024

Ben Ayers, dean of the University of Georgia Terry College of Business, speaks to about 500 business owners on Friday, December 9, 2022.
Ben Ayers, dean of the University of Georgia Terry College of Business, speaks to about 500 business owners on Friday, December 9, 2022.

The 2024 Georgia Economic Outlook, published by the Terry College of Business, looks optimistic–the state’s economic growth will slow but continue next year.

Economic Forecasters at the University of Georgia’s Selig Center for Economic Growth predict that the state economy will outperform national trends in several areas.

The GDP, for example, is projected to grow by 1.1%, compared to a national growth rate of 0.8%. The probability that Georgia will suffer an economic recession is calculated at 33%, while the probability that the nation will enter a recession is 50%.

Terry College of Business Dean Ben Ayers, who presented the 2024 economic outlook report in Atlanta, suggested that Georgia’s economy will likely weather any shocks. He stated: “The build-out of many large projects in the economic development pipeline and favorable demographics are the main reasons why Georgia will fare better than the nation.”

Though Georgia’s economy is well positioned, there are some risks, Dean Ayers added, including actions taken by the Federal Reserve that may increase market interest rates and energy price hikes triggered by conflict in Ukraine and the Middle East.

To learn more about the Selig Center for Economic Growth’s predictions, visit http://terry.uga.edu/selig

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