Forbes Magazine: Hawaii’s Economy Won’t Recover Until 2010

Just saw this report from Forbes:

A new economic forecast predicts visitor arrivals to Hawaii will tumble this year and the state economy won’t recover until 2010.

The University of Hawaii Economic Research Organization report released Friday shows Hawaii is losing jobs and personal incomes will shrink.

The forecast expects visitor arrivals to fall 9 percent this year, nearly double its estimate from June following a weak summer tourism season.

One of the study’s authors, Carl Bonham, says Hawaii’s economy is shrinking, which means the state will enter a recession.

Tourism has suffered this year due to rising fuel prices, the national credit crunch and the departure of Aloha Airlines and ATA Airlines.

The Honolulu Advertiser reports that Hawaii is slipping into a recession:

A forecast being released today shows Hawai’i is tipping into a recession as job losses and a decline in personal income shrink the state’s economy.

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