Corporate
leaders are taking a deep look at all aspects of operations. This reset
is far from a simple matter of flipping a switch on the circuit
breaker. Rather, it is a mindset that takes time and improvements in
credit availability to change.
So when will that change take
place, and how much longer will the recession last? By the GDP growth
metric, the recession technically will end in mid-2010 when the numbers
turn positive and the job loss rate is practically zero. The current
recession will be the longest one in postwar history, lasting about 30
months, almost as long as the period of double-dip recession in the
early 1980s.
Corporate Pullback Deepens Georgia’s Recession A
sharp rise in unemployment and foreclosures, an increase in bank
failures, and a plunge in the housing market have bled Georgia’s
economy dry. Things will get worse before they get better as the reset
in the corporate sector deepens Georgia’s recession and delays
significant job recovery until 2011. Corporations are in a
self-preservation mode that involves drastic, cost-cutting maneuvers,
including increased layoffs and an unwillingness to invest.
The
reset has far-reaching, negative implications for the local economy,
including a continued rise in unemployment and a sharp deterioration of
one of Georgia’s economic engines – the hospitality sector.
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