New York Governor Warns Post-Pandemic Economy May Remain Stagnant for Some Time

New York Governor Andrew Cuomo has a grim forecast for the state’s post-pandemic economy. At a press conference on Tuesday, he cautioned that although New York is going ahead with its planned phased reopening, the economy is most likely going to remain at a standstill for some time. As a result of the coronavirus pandemic, thousands of small businesses were forced to shut down, with some even permanently due to significant losses of revenue. To date, New York has had 362,700 infections, with approximately 29,220 deaths, with new cases still on the rise.

As a means of jump-starting the economy, Cuomo is planning on meeting with Donald Trump regarding federal aid for the state’s new infrastrcture projects. If discussions are successful, additional government expenditure will not only help get Americans back into the labor force, but also update some of New York’s crumbling infrastructure.

In order for a successful phased state re-opening, Cuomo is adamant on increasing the rate of testing for the coronavirus, as well as paying particular attention to zip codes with exceptionally high rates of infection. Gradual re-opening is only going to commence for those regions which meet a list of health criteria, as well as stringent plan for rapid contact tracing.

Information for this briefing was found via CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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