Another round of tax refund checks could be in the cards for Coloradans if economic forecasts shared Thursday hold true.
Meanwhile, economists for the state aren’t predicting a recession in the near term — though they note it is a possibility — and are hopeful inflation will ease next year.
If cautious optimism was the overall message, it was underscored by the economic uncertainty that’s defined the past several years. Greg Sobetski, chief economist for the Colorado Legislative Council, predicted the U.S. gross domestic product’s growth to slow, but still climb, over the next several years.
Meanwhile, he predicts inflation will continue throughout the year, for an average of 7.9%, before slowing down to about 4.3% next year. However, it has already eaten into real wages, despite the rise in how many dollars people take home. Inflation in the state has effectively cut wages by 2.7% in the Denver metro area and by about 1.7% across the state.
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