ARLINGTON, Va. — NAFCU Chief Economist Tun Wai has forecast increased lending and savings for 2008.
Even while he expects consumption as a component of gross domestic product to maintain 3.2% from 2006 to 2007 and decline slightly to 2.9% in 2008, Wai said he expects credit union lending to rebound from 5.5% growth by the end of this year to 7.0% in 2008.
At the same time, by 2008, new and existing home sales he predicted would pick back up from 890,000 units to 915,000 units and from 6.1 million units to 6.5 million, respectively. Wai also said that light vehicle sales should start moving in a positive direction again.
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