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Economic report shows uncertainty for Utah's 2023 economy

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housedems.ct.gov
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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.

A long time lover of NPR and radio reporting, Clayre Scott joined UPR in August of 2021 as the producer of the weekly podcast UnDisciplined. She began reporting in 2022 and now enjoys telling stories through sound and getting weekly texts from her family after hearing her on the radio. Along with her work at UPR, Clayre is attending Utah State University to get her degree in Broadcast Journalism, with time on the side to study Political Science and Art History.