SAN FRANCISCO — The sluggish recovery, characterized by high unemployment and a lack of consumer confidence, is creating a difficult climate for credit unions for the foreseeable future, a panel of economists from the Credit Union Economics Group told attendees at NAFCU's Annual Conference.
NAFCU Chief Economist Tun Wai said his association is forecasting a growth in the Gross Domestic Product of 2.8% for this year, .9% for next year and 3.5% for 2012.
There will be a 1.6% decline in outstanding consumer credit this year, a 2.5% increase next year and a 2% growth in 2012, Wai said at the Thursday panel discussion.
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