While fears of an imminent recession appear to be fading, it is not a question of if but when the next one is felt locally.
How well Rhode Island is prepared to handle that will be a question state and business leaders will be exploring this year, including at PBN’s 2020 Economic Trends Summit next month.
Two local economists weigh in this week with hopeful opinions that the state is in a better position to weather the next recession.
For Leonard Lardaro, an economist and professor at the University of Rhode Island, that’s because the next one will be more gradual than the Great Recession. But Edward M. Mazze, distinguished professor of business administration at URI, says the state is also stronger and has better leadership on economic issues.
Trying to pinpoint the onset of the next recession seems like a fool’s errand, though many will try.
Local businesses should focus instead on what more they can do to prepare. There may be no more important issue to explore at the onset of a new year.