Southern Nevada’s short and long-term economic prospects may be characterized by efforts to develop existing industries and diversify into new ones, economic leaders forecasted on Wednesday.

Economists and business leaders discussed the immediate and long-term possibilities for Southern Nevada’s economy during the 2024 Economic Outlook, an event hosted by UNLV’s Center for Business and Economic Research. During the Wednesday panel discussion at Fontainebleau, UNLV and other thought leaders said they did not believe there was a recession risk in the immediate future, but noted that low-income and high-income consumers were experiencing the economy differently.

Sandip Bhagat, chief investment officer at Whittier Trust, said macroeconomic trends such as the country’s GDP and future GDP projects suggest the country is achieving a “soft landing,” the economic policy of tamping down the high inflation of the post-COVID period without causing large increases in unemployment. But he noted that some lower-end consumers still face economic pains from high prices in food, energy and rent.