Microsoft PowerPoint - Revenue Estimating Conference FY21 FINAL DER-OMB
2021Revenue Estimating Conference: Situation and Outlook MARK D. WENNER CHIEF ECONOMIST DIVISION OF ECONOMIC RESEARCH/OFFICE OF MANAGEMENT AND BUDGET JUNE 2, 2020 Headline Summary and Outline Economic Situation: Recovery giving way to COVID induced recession ---Key Economic Indicators and Forecasts Weakening. COVID ended recovery. ---Local Success in Containing COVID But Territory’s Principal Tourist Source Market is World’s Epicenter of Viral Outbreak Making for a Delayed Tourism Resurgence --Facing a Budget Crisis but $2.8 billion of COVID related Federal assistance hopefully on way --COVID exacerbated fiscal frailties and reexposed long simmering structural problems—GERS and WAPA. Outline Outlook: Fragile --Heavy Dependence on Federal Assistance since excluded from Bond Markets. Premium will be on improved financial management and execution. --What Strategy to Pursue in Opening Tourist Economy? ◦A. Restrictive opening: COVID FREE CERTIFICATION --Immunity Passports (Negative COVID Test less than 48 hrs. …
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