Economist predicts lessons from recession

This economic downturn is different.

It’s much longer than the average, which was 10 months for all the previous recessions since World War II.

It may turn out to be deeper, too, in terms of just how much the economy will contract.

But what will be its result? Will there be lasting changes in the economy that we’ll say began at this point?

Here are the predictions of Stuart G. Hoffman, chief economist at PNC Financial Services Group:

• When this recession is over, we will save more.

• We’ll have four years of very active government involvement in the economy. And we’ll end up with the deficit to prove it.

• The U.S. will become more intertwined with the world and particularly China. As others buy our debt.

He expects the recession to begin to end as this year closes. Recovery will come in 2010 and 2011.