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in Editors' Featured, Markets, News

W.R. Berkley: Economic Recovery Depends on Country’s State of Mind

Economic recovery in the United States is now very dependent on the state of mind of the American public and its business leaders, according to William R. Berkley, founder, chairman and CEO of W.R. Berkley Corporation.

Berkley, a keynote speaker at the National Association of Surplus Lines Organizations (NAPSLO) annual convention in Atlanta, said that the economy is getting back on track but progress will continue to be slow until there is a general "confidence that things are going to move forward."

While problems with commercial real estate have largely been ameliorated, he said, the housing sector continues to be a drag on the economy. Until the foreclosure situation is cleared up, "we can't get homebuilding going; we can't get people the mobility they need to change jobs," Berkley said.

At some point, businesses will need to understand that "the risk of doing nothing is greater than the risk of doing something," he said.

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