Though the U.S. economy remains slow, Americans need not worry about another dip into recession anytime soon.
That’s the cautiously optimistic forecast economist Jeff Rosensweig passed along in the final session the 2013 Commercial Vehicle Outlook Conference in Dallas.
Even as Europe struggles and the boom in China slows, robust growth in emerging markets will be enough to sustain global trade—to the benefit of the American economy.
Still, “these are just not very exciting times,” says Rosensweig, director of Emory University’s Global Perspectives Program. “I don’t want you to plan your business as if we’re going back to that 5 percent growth from the Reagan years.”
Much of his forecast hinges on trade among the nations of North America. Mexico’s economy is growing very well and is positioned to take advantage of “near-sourcing” as jobs are moved back from China. Canada, likewise, is positioned for long-term stability based on the country’s energy reserves and other resources.
“We export more to Mexico than we do to the 18 countries that use the Euro,” he says. “And we export more to Canada than we do to Mexico.”
For more from Rosenweig, check out our sister site CCJ.