But in this situation, the prophets of economic doom are predicting even worse times ahead.
But many other analysts are predicting economic growth in the first quarter.
If there really were such a simple and reliable indicator of future economic conditions, predicting the recession would have been easy, betting on the economy via the stock market would wither and we'd probably see an eyebrow derivatives market.
There are plenty of folks who have built cottage industries around predicting total economic collapse.
Economists are predicting that economic growth will quicken to its fastest pace this year in the fourth quarter.
In a forecast released on Nov. 11, the Pacific Economic Cooperation Council is predicting a 6.4% contraction this year but 2% growth for Korea in 1999.
Predicting traffic volume for a given bridge or road means also predicting population and economic growth, and that is never easy.
Singapore also raised its economic forecast for 2009, predicting the economy will shrink between 4% and 6% this year, less than its initial estimate for a 9% contraction.
The Organisation for Economic Co-operation and Development (OECD) is predicting a "dramatic shift" in the balance of economic power.
While its peers slash their forecasts amidst an ugly economic environment, Hewkett Packard is boldly predicting that its future profits will beat Wall Street's expectations.
The Russian Ministry of Economic Development is slightly less optimistic, predicting that 2012 GDP growth will be in the 3.4-3.7% range (though it reserves the right to revise this upward if necessary).
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Moreover, small-business owners became even less accurate at predicting their own layoffs during the economic downturn.
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Murray is correct that predicting how tax changes will affect economic growth is an inexact science.
The European Central Bank also on Thursday said it has reduced its economic growth forecast for the Euro zone, predicting zero growth in 2013 from its previous forecast of 0.3% growth.
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Economic pessimism continues elsewhere, with the Daily Mail predicting "a decade of pain" on the High Street.
Gauging the economic impact of the crisis is as difficult as predicting when and where the next cloud of ash will appear.
Let me just say that while I personally am very fond of John Boehner, his record of predicting what would happen if certain policies, economic policies were instituted is abysmal, okay?
With analysts predicting there will be little good news on the economic front until the summer, Mr Schroeder will have to run a tighter ship politically if he hopes to swing the vote his way in September.
British Eurosceptics and European federalists alike feel vindicated in predicting that monetary union would not work without a political and economic union.
If the future of work is here at last business thought leaders have been predicting its arrival for years it coincides with some powerful economic realities for women.
That price translates into a price to economic book value ratio of 0.5, which means the market is predicting a permanent 50% decline in its profitability, an awfully pessimistic assumption.
With unemployment falling to a five year-low - below four million - and some economists predicting a growth rate of 2.8% this year, the rosy economic outlook is a positive development.
But the possibility that they could mark the start of cautious steps towards economic reform and greater emphasis on diplomacy is certainly just as plausible a scenario as one predicting crisis and collapse.
For the longer term the economic fundamentals of North America and the eurozone will be the key to investors, with experts predicting a "closing of the gap".
The Economist has been criticising America's economic performance for years, warning about the trade deficit, worrying about consumer debt and frequently predicting disaster for financial markets yet the economy thankfully ignores you.
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