CVS Caremark President and CEO Larry Merlo speaks to the Greater Providence Chamber of Commerce. Photo by Steve Klamkin WPRO News

By Steve Klamkin WPRO News

Governor Lincoln Chafee says Rhode Island's economy and economic outlook "still is fragile", an assessment that finds agreement in a number of political and business leaders.

"I do think the economic outlook still is fragile," Chafee told about 500 business people at the Greater Providence Chamber of Commerce 2013 economic outlook luncheon at the Rhode Island Convention Center.

"And, we still have to make good decisions. That's the key as we look at this fragile recovery, let's just make some good decisions."

Pointing to lagging tax revenues, Rhode Island House Speaker Gordon Fox was quick to echo Chafee's assessment.

"Businesses have been shuttered, and people have been conserving, and we have to deal with that. So, I think it shows that we are a fragile economy," said Fox, a Providence Democrat.

The keynote speaker at the Chamber's luncheon, CVS Caremark President and Chief Executive Officer Larry Merlo said he detects a cautious economic atmosphere.

"I think that we continue to see a cautious consumer that's looking for value," said Merlo. He added, "We certainly share the governor's goal of, how we can stimulate job growth as well as economic growth." Woonsocket-based CVS Caremark was 13th on the 2012 Fortune 500 list of the largest U.S. companies, as ranked by revenues.

"I think the economy is fragile, but I see signs of life," said Laurie White, president of the Greater Providence Chamber of Commerce.

"It's up to the private sector and business leaders that are in this room to generate opportunity and to innovate and to focus on those aspects of their business where they really feel they can grow and expand and compete in global markets," White said.