Looking forward while being pushed back: How accurate were economic forecasts for Maine during the pandemic?
Economic forecasting is always a challenging process and how we understand the future often relies on what we have seen in the past. As COVID-19 case numbers began to increase, economies were forced to shutter and stay at home orders were implemented. In this paper, we compare our initial forecasts for output, employment, and tax revenue to actual values for 2020. Overall Maine’s economy was more resilient than our forecasts first predicted, with tax revenues far exceeding the initial projections. However, when the numbers are explored further it becomes clear that federal funds were a critical lifeline during turbulent times, and without this support the damage to Maine would have been far more severe.
Rights and Access Note
This Item is protected by copyright and/or related rights. You are free to use this Item in any way that is permitted by the copyright and related rights legislation that applies to your use. In addition, no permission is required from the rights-holder(s) for non-commercial uses. For other uses you need to obtain permission from the rights-holder(s).
Crawley, Andrew, and Angela Hallowell. "Looking forward while being pushed back: How accurate were economic forecasts for Maine during the pandemic?." Maine Policy Review 30.2 (2021) : 10 -16, https://digitalcommons.library.umaine.edu/mpr/vol30/iss2/2.
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.