DOI issues initial assessment on impact of coronavirus pandemic on Micronesia
By Pacific News Center -June 23, 2020
U.S. Department of the Interior Assistant Secretary, Insular and International Affairs, Douglas W. Domenech today announced the publication of three technical notes from the Graduate School USA’s Economic Monitoring and Analysis Program (EconMAP) providing an initial assessment of the economic impacts of the novel coronavirus disease 2019 (COVID-19) on the Federated States of Micronesia, the Republic of the Marshall Islands, and the Republic of Palau.
“While each of the three Freely Associated States continues to remain free of COVID-19 cases, the slowdown and near termination of transportation across the region has had strong repercussions on their economies,” said Assistant Secretary Domenech.
“It is hoped that the data and analyses in these technical notes can help illuminate impacts as FAS leaders draft fiscal measures and implement mitigation strategies to maintain financial and economic stability now and as they emerge from the impacts of COVID-19.”
Funded through the U.S. Department of the Interior’s Office of Insular Affairs (OIA), the projections made in the EconMAP technical notes assume that travel will remain limited for all three of the FAS through fiscal year 2021 or until a COVID-19 vaccine is developed.
The technical notes also utilize economic modeling techniques that project the economic impact of the COVID-19 pandemic without consideration of any external donor assistance and in the absence of any confirmed domestic cases. Should any of the three FAS report COVID-19 cases and develop community transmission, the projected negative impacts of the pandemic could be compounded.
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