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Experts with a record of accuracy present forecasts for 1963 made with these alternative assumptions: (1) there will be no reduction in tax rates; (2) corporate and personal income taxes will be cut. This is the Eleventh Annual UCLA Faculty Forecast for GNP, stock market prices, and other business series.

The authors describe the UCLA regional forecast for Southern California, evaluate some of the techniques used, and indicate problems to be surmounted and benefits which may be expected from this new technique.

Prediction for ′61: The recession is on its way out. Recovery should occur before midyear, and from then on the track is clear and business has the green light for expansion. By the end of 1961 the American economy should reach a new high with a GNP of 514 billion dollars for the year. This is the collective opinion of twenty-three economists and authorities on business whose forecast of the shape of things to come in the business world is printed here with substantiating data and figures.

This article presents the UCLA Business Forecasting Project model—the first adaptation to regional forecasting of an econometric model. Various forecasts for 1967 are given, using the new model.