The Regional Economic Studies Institute’s economic forecast for Maryland and beyond
From inflation and rising interest rates to international conflicts, natural disasters and the continued impact of COVID-19, it’s been a tumultuous year for the economy.
Towson University Regional Economic Studies Institute (RESI) Chief Economist Daraius Irani breaks down these factors during the organization’s annual Economic Outlook Forum on Nov. 15 at the StarTUp at the Armory.
In his presentation, “The Jumanji Economy,” Irani, who is also the vice president of strategic partnerships and applied research at TU, discussed the national outlook, inflation, interest rates, the labor market, climate change and the economic forecast for Maryland and beyond.
“The reason that we call it ‘The Jumanji Economy’ is that there are a lot of surprises ahead,” Irani says. “For Maryland’s economy, we have a strong possibility of slowing down as the world’s economy impacts Maryland’s economy. For us, the federal budget is really critical as 10% of our workforce is directly employed by the federal government and 5% or 6% is indirectly, so if there’s a shutdown it does impact them.”
Here are five key takeaways from the forum:
For more, watch the full 2022 Economic Outlook Forum or access the presentation slides (PDF).