California political leaders, starting with Gov. Jerry Brown, should be popping the champagne corks: the state has rebounded enough to surpass Italy and Russia and reclaim its title as the world’s eight’s largest economy in 2013, according to a new study by the Center for the Continuing Study of the California Economy.
The study, released Thursday, cited “California’s strong job gains in 2013 combined with the recent IMF forecast that most of Europe will remain in recession this year” as reasons that the Golden State will move up in its rankings this year.
“California posted a real GDP gain of 3.5% in 2012 tied with Minnesota for the fifth-highest in the nation behind North Dakota, Texas and California’s northern neighbors, Oregon and Washington,” according to a release from the CCSCE. “The U.S. GDP gain was a full percentage lower at 2.5%.”
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