(RALEIGH) -- With a shaky stock market, high unemployment and the housing market on the skids, some economists have been talking about a new recession. But North Carolina Bankers Association economist Harry Davis disagrees.

"There's no doubt that the chance for a double dip has increased over the last week or so.  I don't personally think we're going to have a double dip.  What it's going to do is just grow very slowly, much slower than we're use to in the post World War II period, so it's a recovery but it doesn't feel much like one to a lot of people," said Davis.

Davis added that consumers will have to start spending again before we can get the economy to grow at healthy levels.