Conference Board forum predicts mild '83 rally from recession
New York — The persistent US economic slump has slashed growth in virtually all sections of the country, according to the Conference Board's Regional Economic Forum. But the forum of nine economists located throughout the United States, anticipates a modest recovery in 1983.
''The current recession has lasted so long that it has had time to become unusually pervasive,'' observes Lora S. Collins, chairman of the forum. ''This is reflected in the regional assessments, which indicate that all sections of the country are feeling the slump. It's clear that no region is recession-proof.''
The nine economists emphasize the key to recovery is lower interest rates, which have already generated some recovery in residential construction. But the recession continues to affect all regions of the country. It has severely stifled growth in previously fast-growing areas like the Southwest and Rocky Mountains. And it has made growth virtually nonexistent in the Midwest, the nation's industrial heartland. In addition to the general recession, the economists cite continuing weakness in agriculture and oil as a significant barrier to growth in some parts of the country.