Economists forecast bleak economic outlook for ND
BISMARCK, N.D. (KFYR) - North Dakota State University released an economic outlook report for the state and the forecast is a bit bleak due to the COVID-19 pandemic.
Total wages and salaries are expected to continue to fall into 2021, according to the report. The labor force is projected to continue to decrease. But fortunately, Gross State Product is expected to grow throughout 2021, possibly recovering to near pre-COVID-19 levels.
Professor Jeremy Jackson, who prepared the report, said it’s subject to change.
“There’s one thing you can count on a forecast for and it’s to be wrong. If you are looking to a forecast, especially of the economy, to get a precise answer about what’s going to happen-- you’re not going to be able to get it. What it does do is let us know what the data is currently trending towards,” said North Dakota State University Applied Economics Professor Dr. Jeremy Jackson.
Jackson says this means there’s a chance for a stronger outlook if any of these trends were to change before 2021.
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