2020 Michigan Economic Outlook

Diane Swonk, Grant Thornton Chief Economist and Jeff Donofrio, Director, Labor and Economic Opportunity for the State of Michigan addressed the Detroit Economic Club yesterday as results of the eighth annual Michigan Economic Outlook Survey were unveiled. The results showed Michigan business owners and leaders are mostly optimistic but concerns persist over education, talent and infrastructure. Swonk noted the difference between the Michigan survey results and a national CEO survey where global economic uncertainties continue to be a thorn. “Uncertainty is a tax,” said Swonk. “We are in a position now where I hope we do not see a recession this year, but the risks are still high. I have taken it down from 55% to 35%, but that is still much higher than I want it to be and that is purely because of policy uncertainty,” she stated. Donofrio discussed the state’s focus on solving systemic issues with education and workforce investment reforms. “How can we make sure 10 years from now, the results of jobs, the results of the economy, where our curve is heading, is better because we helped in some way? We have taken that approach that doesn’t put all our bets on one thing, but it is a whole bunch of things that together are going to bend the curve upward for us,” said Donofrio. You can view survey results here: www.outlooksurvey.com. -- Speakers: Diane Swonk Chief Economist Grant Thornton   Jeff Donofrio Director, Labor a Economic Opportunity State of Michigan   Presiding Officer: Jim Tish Office ManagingPartner Grant Thornton   Moderator: Daniel Howes Columnist a Associate Business Editor The Detroit News

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