The Economy Is Still Humming, but Recession Calls Grow Louder

While we’re not in a recession now, the outlook suggests that one is on the horizon. In the Wall Street’s Journal’s "Survey of Economic Forecasters," 33 out of 63 economists predict negative growth in real gross domestic product in the first quarter of 2023. Oxford Economics, a global economic forecaster that provides economic inputs to CoStar’s commercial real estate forecasts, also expects a mild recession in the first half of 2023 in its base-case scenario. In Oxford’s forecast, real GDP growth will reach 1.7% this year but will decline by 0.5% in 2023.