While the state’s economy is slowing, it is not in a recession, Bank of Hawaii Senior Vice President and Chief Economist Paul Brewbaker told HEC members on June 10. His address was the second in HEC’s 65th Anniversary Distinguished Speaker Series.
Although the airline cutbacks and declining passengers have affected Hawaii’s tourist industry, it’s “not as big as 9/11,” Brewbaker said, drawing an analogy between driving on the freeway and Hawaii’s economy—going from 45 miles per hour to 5 miles is “hard braking” but not a recession, which is going backwards. He projects that the state is likely to see about a 2.5 percent growth in 2009. For more on his economic forecasts, see the BOH Economics homepage. Hawaii Not In Recession Yet, BOH’s Brewbaker Says
While the state’s economy is slowing, it is not in a recession, Bank of Hawaii Senior Vice President and Chief Economist Paul Brewbaker told HEC members on June 10. His address was the second in HEC’s 65th Anniversary Distinguished Speaker Series.
Although the airline cutbacks and declining passengers have affected Hawaii’s tourist industry, it’s “not as big as 9/11,” Brewbaker said, drawing an analogy between driving on the freeway and Hawaii’s economy—going from 45 miles per hour to 5 miles is “hard braking” but not a recession, which is going backwards. He projects that the state is likely to see about a 2.5 percent growth in 2009. For more on his economic forecasts, see the BOH Economics homepage.