The big picture.

• Position: Outlook Summary for 2003 - Brief Article

By the Kelley School of Business

* Jeff Green and Bill Witte on the National Forecast: Gross Domestic Product is expected to increase by 3.2 percent, with consumer sending and federal spending leading growth. After mid-year, business investment will become a positive force as well. Exports will struggle to keep pace with rising imports.

* Rob Neal and Bill Sartoris forecast the Financial Picture: We are cautiously optimistic that 2003 will provide a decent rate of return for stock market investors. Only once since 1926--during the depression era of 1929 to 1932--has the market declined for four consecutive years.

* Jeff Fisher on Housing: New and existing home sales should remain strong, although slightly off the record pace of 2002. Assuming the stock market improves, the demand for...