By Todd Wallack | The Boston Globe | September 28, 2012
The Massachusetts economy, which had been expanding faster than the national average, thanks largely to the state’s strengths in technology and medical research, is now barely growing at all because of economic problems around the world, according to a group of nearly a dozen local economists.
The MassBenchmarks panel reported Thursday that the state’s economy has slipped into “lower gear” because of the European debt crisis, slower growth in China, reduced US business investment in technology, and growing uncertainty in Washington over the future of taxes and budget spending.
“It’s a little ugly,” said Northeastern University economist Alan Clayton-Matthews, senior contributing editor for MassBenchmarks, who predicted the Massachusetts economy would grow at a meager 1 percent in the third quarter of this year. “We are no longer growing faster than the nation.” Read More