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State's top economists predict annual revenue to top $10B in 2016 thanks to economic growth
Reported by: Associated Press
Reported: Thursday, December 19, 2013 6:11 PM EST
Some of the state's top economists are forecasting that modest growth in Kentucky's economy will add nearly $500 million in revenue to the state's General Fund budget by 2016.
The economists, serving on a government advisory panel known as the Consensus Forecasting Group, reviewed the latest economic trends during a four-hour meeting Thursday, concluding that Kentucky will continue on a path of recovery.
The panel's chairman, Eastern Kentucky University professor Frank O'Connor, described the predicted growth as "just modest, not robust."
O'Connor said he expects more spending on big-ticket items like automobiles as the economy continues to improve.