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WASHINGTON (Reuters) - A panel of banking economists has put the odds of a recession near 50 percent as the economy works through a housing slump this year.
The American Bankers Association's Economic Advisory Committee, a panel of nine banking economists, on Friday projected that the economy will slow to roughly 1.25 percent gross domestic product growth during the first half of this year, picking up to about 2.25 percent in the second half. But the risks of a recession are growing, the panel said in its outlook.
"Falling home prices, elevated energy prices, and strains in financial markets will continue to pose significant challenges to the economy," said Peter Hooper, chief economist at Deutsche Bank Securities in New York, who chairs the ABA panel.