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SJ Biz 120 Economic Forecast - FINAL_Layout 1 1 / 20 / 20 2 : 45 PM Page 1 2 SOUTH JERSEY BUSINESS AND FINANCIAL EXPERTS HAVE A POSITIVE OUTLOOK FOR OUR REGION AND EXPECT TO SEE CONTINUED GROWTH FROM 2019 .
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SJ Biz 120 Economic Forecast - FINAL_Layout 1 1 / 20 / 20 2 : 45 PM Page 2 2020 The last several years BUSINESS have seen continued growth for many South Jersey businesses . And despite a looming presidential election as well as both new and pending legislation that could impact local businesses of all sizes , South Jersey business and financial experts are optimistic FORECAST that the region’s economy is on track for an - other prosperous year . BY JENNIFER LESSER Although there has been some concern her recession , about the potential for anot local experts are feeling confident that a downturn is not in the cards for this year . “ I’m cautiously optimistic for 2020 , ” asserts John Herring , New Jersey market president for Liberty Bell Bank . “ Talk of an imminent recession seems to have died down some - what , and most people now seem to think that 2020 will not see a recession . ” He notes that businesses have seemed to be a little ious going into this year , which ut more ca may help avoid the kind of bubble that pre - cipitated the 2008 downturn . Ren Cicalese III , CPA , MST , associate partner at Alloy Silverstein , agrees that “ op - timistic ” is one of the best words to describe the current state of South Jersey’s economy . “ While many feel that the economic growth over the last decade has to slow down even - ting that tually , I haven’t seen anything indica businesses are experiencing decline . Most of my clients have seen growth for the last few years , and expect to continue that trend for at least the next few , ” he says . “ South Jersey [ continues to be ] a great place to start and operate a business . ” In terms of South Jersey’s overall economy , it seems like businesses can expect a climate marked by continued growth , although ex - ightly slower y be sl perts warn that it ma than the last year or two . Stan Molotsky , president and CEO of SHM Financial Group , points out that even the stock market has continued to perform well this past year . However , even though everything seems stable right now , he always advises businesses to consistently reevaluate their investments and always have a plan in place for all con - SouthJerseyBiz.net | VOLUME 10 ISSUE 1 | SOUTH JERSEY BIZ | 35