New England economic outlook gradually improving

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(Host) A top banking official says the New England economy is slowly on the mend, although the recovery here may take longer than in the rest of the country.

Cathy Minehan is president of the Federal Reserve Bank in Boston. She spoke on Friday at the annual conference on Vermont’s economic outlook.

(Minehan) “This forecast is not without its risks, the most important of which are geopolitical rather than economic. It may also be a bit longer before we here in New England see the light at the end of the tunnel. But overall, I think the light’s there.”

(Host) Minehan says recent indicators show that business investment has picked up in the second and third quarters of last year. She says business spending should be the foundation for future growth in 2003.

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