On November 14, 2024, economic experts from Indiana University provided their predictions for the upcoming year during an economic outlook panel. Jennifer Rice forecasted a 2.1% GDP growth for the U.S. and a more optimistic 3.2% globally, while unemployment is expected to rise to 4.6% [d62871e7]. Indiana's economy is projected to grow at a rate of 2.9%, but concerns were raised about high stock valuations and potential inflation resulting from policy changes, as noted by Russell Rhoads [d62871e7].
The panelists also discussed the impact of geopolitical issues on economic forecasts, emphasizing that such factors could significantly alter predictions. In Columbus, Indiana, local experts anticipate flat GDP growth due to ongoing labor shortages, which continue to challenge the manufacturing sector [d62871e7].
This outlook comes on the heels of a similar forecast presented by Cal State Fullerton economists, who highlighted a slowdown in the U.S. economy despite recent growth. They noted that while the consumer price index inflation has decreased, service inflation remains a concern, and unemployment in Orange County is expected to rise to 4.3% in 2025 [0e30b81b]. The contrasting predictions from both panels illustrate the complexities of the current economic landscape, where local and national factors intertwine to shape future growth trajectories [d62871e7].