Wed August 12, 2009
Kentucky Slow Out of the Recession
By Tony McVeigh
Frankfort, KY – Kentucky's revenue collections this fiscal year could be 82-million dollars less than earlier predicted. At least that's the belief of the Consensus Forecasting Group, a panel of economic experts that advises lawmakers and the governor. Chairman Larry Lynch says Kentucky is still struggling to emerge from the national recession, which is showing signs of easing.
"Looking at Kentucky revenue, we're not doing any better. And Kentucky employment and unemployment, we're not doing any better. So Kentucky is lagging behind the nation in coming out of the recession."
However, the forecasting group sees brighter days ahead. The panel predicts state revenue growth in the next four fiscal years could range from two-point-five percent in 2011 to more than three percent in each of the three years thereafter.