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Linneman: Growth Can Still Occur in Downturn

LAS VEGAS-The current struggles are just as much caused by the current political struggle than financial, with no one saying "things are fine," says the economist.

By Debra Hazel | Updated on May 20, 2008

LAS VEGAS-The current real estate downturn is the result of a series of events, including misperceptions, politics and timing, according to economist Peter Linneman, speaking at the ICSC RECon meeting here. Yet opportunities still exist.

The US economy grew “nicely” in 2007, and certain areas continue to do well, said Linneman, the Albert Sussman professor of real estate, finance and public policy at the Wharton School of Business at the University of Pennsylvania. Growth will be weak in 2008, with the possibility of recession late this year or early next, he said.

“The economy is growing, but very selectively and very slowly,” he said. “This is as much a politically-created slowdown as a capital-markets slowdown.”

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