Georgia's economy to slump through next year

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Story Published: Dec 3, 2008 at 10:54 PM EDT

Story Updated: Dec 3, 2008 at 10:54 PM EDT

ATLANTA (AP) - A top economic forecaster predicts the Georgia's recession will last a year and a half the longest economic slump since the Great Depression and won't show signs of recovery until late next year.

University of Georgia Terry College of Business Dean Robert Sumichrast also predicts Wednesday that unemployment will double, housing prices will continue to plummet and the economic situation will be "dreadful'' through the first half of 2009.

He says the state's economy will begin to pick up again by the third quarter of 2009, but it will be a "joyless recovery'' marked by slow commercial construction and anemic job growth.

The comments were part of the school's annual economic outlook conference.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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