A recent economic report to the Governor presented three visible economic scenarios for 2023. The Kem C. Gardner Policy Institute claimed Utah’s economy in 2022 was resilient, but riddled with warning signs.
The first proposed scenario is continuing growth. The report predicts widespread stabilization with a GDP growth in the 2% to 4% range.
The second scenario presented is a shallow recession. Interest rate hikes stay rapid amongst a slowly decreasing inflation. This along with other economic disruptions leave a GDP change of -1% to 1%.
The last proposal is a decelerating growth. In this scenario, the GDP growth would range from 0% to 2%.
According to the report, Gardner Institute chief economist Phil Dean advised decision-makers to prepare to respond to all three scenarios in order to best manage 2023’s economic outlook.
