“A recession in 2007 or early 2008 might have a relatively light impact on the state since real estate problems are not as severe here as in several other states,” economics professor J. Fred Giertz said. “Illinois has also not suffered as much as Michigan from the slowdown in the automotive industry.”
The state’s travel industry, a vital cog in the Chicago-area economy, also remains strong, in contrast to the nation’s last recession in 2001 when terrorism fears caused a sharp decline, said Giertz, the interim head of the U. of I. economics department.
Giertz doubts dire forecasts by some analysts that the nation’s sluggish economy will lapse into a recession, instead agreeing with other observers who predict the slowdown will end with “a soft landing, not a crash.”
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