More than two dozen forecasters, experts, and speakers from a variety of manufacturing sectors found themselves in nearly unanimous agreement regarding the near-term state of the economy, according to The Association for Manufacturing Technology (AMT), sponsors of the conference.
“The outlook for the domestic economy is upbeat in spite of the disaster of September 11,” said Larry Chimerine, president of Radnor International Consulting. “The structural fundamentals developed in the late 1990s were so well-built that the 15-month economic slowdown could turn around as soon as the first quarter of 2002, and capital spending will follow in four to six months. Corporate profits will soar after the first six months of 2002.”
Peter Toja, president of Economic Planning Associates, pegs the turnaround and economic recovers as possibly starting in the first quarter of 2002 if rapid fiscal and monetary policy responses are implemented. “Increased spending in energy, infrastructure, and security, coupled with corporate tax incentives and financial assistance to airlines should help smooth the way to recovery,” Toja said.
“The current low level of business spending on new, productivity-enhancing technology is jeopardizing America’s economic recovery and growth,” said Don Carlson, AMT president. “Washington must take decisive action now to put forward an economic stimulus package that includes capital cost recovery reform and addresses the overvalued dollar.”