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1963 Economic Outloolt
Richmond — The economy of the nation may not achieve the rate of growth in 19(53 that it experienced in 1962, according to Dr. R. Pierce Lumpkin, Consulting Economist for The Bank of Virginia.
In a look at prospects for the new year, Dr. Lumpkin believes that the slowdown in economic activity over the last half of 1962 has dampened the chances for any marked improvement over the first half of 1963. A pronounced sluggishness in the economy, however, will certainly hasten Congressional action on some and, if there is a tax change type of income tax reduction which directly improves the prospects for business as well as increases the take home income of consumers, this should moderate any tendency toward a slowdown of economic activity. To provide real stimulus to the economy, though, a tax cut would have to be substantial.
66.8%