A new forecast released by the University of Hawai'i Economic Research Organization says some smaller Asian economies are leading a rebound, but that larger nations, notably the U.S. and Japan, will have less growth.
"The anticipated slow pace of global growth will likely mean a sub-par recovery for Hawai'i," said the report being released today. The forecast concentrates on global economics and is a predecessor to one focusing solely on Hawai'i that will be released next month. One positive is the stronger yen against the dollar, which might result in higher Japanese tourist spending.
Experts agree that Hawaii's rebound from the economic doldrums will depend on the state's leading industry, tourism. "Growth has also returned to the U.S. and Japan, but the depth of the decline, lost household wealth, and lingering credit problems mean that full recovery will take a number of years," the UHERO forecast said.
Read more at Honolulu Advertiser.
With the tax incentives for buyers and homeowners just passed into law, it's a great time to take advantage of our high inventory and reduced prices. It's only a matter of time before our economy - and housing prices - recover. Don't lose this opportunity.
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