It wasn’t so long ago that economic growth in California and Los Angeles far surpassed that of the nation.
Those days are coming to an end, according to the Los Angeles County Economic Development Corp., a nonprofit group that works with local businesses.
In 2018, while the U.S. economy expanded by 2.9%, California’s grew by 4.3% and Los Angeles County’s by 3.7%. In 2019, economic growth slowed to 2.3% in the U.S., 2.6% in California and 1.6% in L.A. County.
This year, California’s growth will slow to 2%, and L.A. County’s economy will expand by just 1.8% — close to the nation’s 1.9%, the LAEDC predicted Wednesday in its annual forecast, presented to business executives and government officials at the Sheraton Grand Hotel in downtown Los Angeles.
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