Gov. Cuomo Warns Road to Recovery for N.Y. Economy Likely to Be Long, Painful

By:
Chris Gaetano
Published Date:
May 26, 2020
Andrew_Cuomo_by_Diana_Robinson

New York Gov. Andrew Cuomo warned that the state's economy, ravaged by the COVID-19 pandemic, will likely take a long time to fully recover, said CNBC. "We’ve lost thousands of small businesses that are just not going to reopen their doors,” he said on Tuesday. While he said that he would like the state to bounce back like a basketball, the recovery will likely be more like a football, which, depending on how it is hit, could bounce in many possible different directions. With this in mind, he said that the post-virus economy will likely be one of pain for many people for the next few years. He made this prediction despite selective reopenings in the state, such as the New York Stock Exchange on Tuesday, and plans to begin focusing anti-virus efforts on specific counties where risks are higher.

New York has become the epicenter for the pandemic, and its consequent economic impacts, over the past few months, with 362,700 confirmed cases and 29.220 deaths. The state has consistently been among the top states in terms of job losses, often reporting hundreds of thousands each week, while other states report "merely" tens of thousands. Meanwhile, the Empire State Manufacturing Index, which tracks economic activity in New York, went from 4.8 in January to, -48.5 in May. Initial projections, absent the coronavirus, had been 29.1.

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