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HARTFORDBUSINESS.COM | JANUARY 8, 2024 17 Economic Scorecards CT's economic outlook provides reason for optimism W e should be optimistic about the economic outlook for Connecticut in 2024. The main reason for optimism is that the state economy is highly integrated into the U.S. economy, which is strong at this time and quite likely will stay strong in 2024. Inflation has fallen from 9% to less than 4% without a reces- sion. The economy continues to create a surprisingly large number of jobs. However, global events — such as the wars in Ukraine and the Middle East, the apparent slow- down of the Chinese economy, and the possibility of a conflict over Taiwan — are the sources of uncertainty that can change any prediction. While we have little control over such events, at the state level we can embark on policies that lead to a stronger economy. Creating a business-friendly environment that attracts busi- nesses and people from other states and countries would be a good start. Since the state has a budget surplus, it can afford to reduce the overall tax burden on residents and businesses. Lowering the regressive sales tax will help low- and middle-in- come families. Lowering income, corporate and business tax rates would boost residents' disposable income while attracting business investment into the state. Farhad rassekh Professor of Economics University of Hartford HOW MANY JOBS WILL CT ADD IN 2024? 5,000 WHAT'S YOUR 2024 ECONOMIC OUTLOOK FOR CONNECTICUT? Moderate Growth WHAT WILL CT'S UNEMPLOYMENT RATE BE AT THE END OF 2024? 3.5% to 4% WHAT TYPE OF GDP GROWTH WILL CT SEE IN 2024? 2.5% WHICH INDUSTRIES WILL ADD THE MOST JOBS? Health Care, Leisure, Defense & Food Preparation WHICH INDUSTRY WILL LOSE THE MOST JOBS? Traditional Manufacturing Funding your business's full potential. Grow your business with the help of our experienced commercial lending professionals. Contact our commercial lending officers at liberty-bank.com/commercial-lending Member FDIC Equal Housing Lender. All loans are subject to credit and underwriting approval.