From Nation’s Building News:
Economic growth will pick up next year and even more after that as headwinds standing in the way of a stronger recovery begin to abate, former Federal Reserve Vice Chairman Donald Kohn told the Urban Land Institute in Washington, D.C. on October 15.
Painting a picture that was not entirely rosy, “we are in for a slow climb out of a deep hole with inflation remaining low for some time into the future,” said Kohn, who is currently a fellow at the Brookings Institution.
Among the challenges still facing the economy, he said that lending requirements remain stringent and borrowing is very tight for small businesses and households; it will still take time to work through the overhang of housing from foreclosures, short sales and the shadow inventory; and the economies of major industrial trading partners of the U.S. are still hurting.
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