Gov. Linda Lingle said that Hawai‘i’s economy is strong, despite recent setbacks that included the shutdown of the state’s second-largest interisland airline. She expressed optimism in a speech to the Hawai‘i Economic Association, saying that the recent shutdown of Aloha Airlines, Mainland airline ATA and Moloka‘i Ranch were due to factors unrelated to the state’s economy. Although Hawai‘i’s robust economy of the past couple of years has slowed recently, Gov. Lingle said it is unlike the early 1990s, when a bubble based on foreign investment burst. “Our state’s economic growth has slowed, but it has not stopped,” she said. “Many important indicators show moderate growth that, when contrasted with the rest of the nation, is a fortunate position for Hawai‘i.” The governor said that the state’s Council on Revenues forecasts 3.9 percent growth in state revenues and that the state Department of Business, Economic Development and Tourism projects that Hawai‘i’s gross domestic product will grow by 2.5 percent both in 2008 and 2009. She cautioned Hawai‘i businesses to avoid becoming defensive during the slowdown. “Rather, these are times when true business leaders adapt, look for efficiencies, cut non-essential costs, exercise outstanding entrepreneurial skills and capitalize on opportunities as they arise,” she said.