NEWPORT BEACH — Economic predictions for the coming year are heavy with "doom and gloom," but Orange County is faring better than many areas and loans are available for small-business owners, according to experts speaking at the Newport Beach Chamber of Commerce's economic forecast.
The event, held Wednesday at the Island Hotel, was part of the chamber's ongoing Business Solutions NOW seminars and attracted about 300 attendees.
Panelists included UC Irvine Paul Merage School of Business Dean Andrew Policano, Anfield Capital Management Executive Officer David Young, Commerce National Bank Executive Officer Mark Simmons and James Valle & Co. Executive Officer James Valle.
The forecast didn't bode well for U.S and global growth, which Young said is stalled.
A lack of job creation, consumer confidence and credit have led to a decrease in consumer spending, which in turn impedes long-term economic recovery, he said.
"With this slow amount of growth and inflation rising, we feel like we're in this sort of soup," Young said. "Those two don't normally go together."