Not that I necessarily put much stock in economic projections from the government, but the Congressional Budget Office served up a depressing number in its latest budget and economic outlook just released on January 7.
The CBO expects real GDP growth for 2009 to come in at -2.2 percent.
Is that better or worse then you expected? It would not surprise me.
Well, to put this in perspective, if that -2.2 percent real GDP growth turns out to be correct, it would be the worst annual performance in real GDP growth since a huge GDP contraction after World War II in 1946. That’s 63 years ago.
But massive government spending is going to set things right? Don’t think so.
Raymond J. Keating
Chief Economist
Small Business & Entrepreneurship Council
1 comment:
I am not surprised by the numbers, but have to say that anyone can succeed, even in the "tough economic market" we are currently experiencing. As an attorney dedicated to Colorado small businesses, I see businesses succeeding everyday when many are failing. The difference between those succeeding and those failing is drive and dedication. The ones failing tend to think business should be handed to them as it was during the boom times of the past several years. They do not spend the time or energy into marketing their business that they should and don't know the words customer service. The businesses that are succeeding are using all the tools available to them and know that to have a successful business, you have to treat it as a business.
One other thing that succeeding businesses are using is social media to provide great customer service. For instance, my clients can reach me all the time, via my social networking tools. Times change and businesses need to change their marketing too!
Elizabeth Lewis
Legal Solutions for Small Businesses
web: www.eclewis.com
twitter: eclewis and eclewislaw
blog: www.eclewis.com/wordpress/index.php
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