Oregon’s economy is heading into its steepest downturn since the Great Depression, state economists predicted Wednesday. (1/8)
They expect it will take several years for Oregon to return to the health it enjoyed before the coronavirus outbreak hit. (2/8)
Economists estimate the state will lose $10.5 billion in lost revenue over the next five years, a massive budget hit that will trigger sharp cuts in Oregon’s spending on schools, health care, law enforcement and other social services. (3/8)
Wednesday’s quarterly economic forecast is the first detailed analysis of Oregon’s outlook during the coronavirus outbreak, outlining the impact on the state’s businesses and the resulting effects on state finances. (4/8)
“While this recession is extremely severe – the deepest on record in Oregon with data going back to 1939 – it is expected to be shorter in duration than the Great Recession. The economy should return to health by mid- decade,” state economists wrote in Wednesday’s report. (5/8)
Earlier this month, Gov. Kate Brown had anticipated a shortfall of $3 billion for the current two-year budget cycle and had asked state agencies to make plans to reduce their respective budgets by 17% for the upcoming fiscal year that starts July 1. (6/8)
Economists predict the decline triggered by the coronavirus outbreak will take $2.7 billion out of the current budget cycle. That’s a roughly 11% hit and is somewhat more moderate than the governor’s forecast from earlier this month.
Read more: trib.al/1bxIott (7/8)
Read more: trib.al/1bxIott (7/8)
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