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’23 economic outlooks vary, say IU experts | Business

ANDERSON — The business outlook for 2023 is like a roll of the dice with known variables the key to whether there is a recession.

Consumer spending will play a big role in the nation’s economy, according to a panel of experts from Indiana University Kelley School of Business. They spoke during the annual Business Outlook at Tuesday’s Rotary Club meeting.

Mark Frohlich said last year’s prediction was that the U.S. economy would grow by 4%, but it ended up this year at 1.8%.

“In the past six months, interest rates (have) increased to deal with inflation and to slow the economy,” he said. “The housing markets are down because of the higher mortgage rates.”

Frohlich said the optimistic look for next year is economic growth of up to 1.5% but that unemployment will increase nationally to…

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