Governmental response to the pandemic shuttered much of the regional economy toward the end of the first quarter of 2020, stated Michael Toma, Ph.D., Fuller E. Callaway professor of economics, in Georgia Southern University’s Q1 2020 Economic Monitor. Economic growth ground to a halt as seven of the eight indicators of current economic activity in the region fell. Significant declines were recorded in airplane boardings, hotel sales and port activity. 

The business forecasting index fell sharply in the first quarter, as initial claims for unemployment insurance skyrocketed during the last week of March. All six leading indicators declined, and further signs of economic damage will be forthcoming in second quarter data, noted Toma.

“Looking ahead, the regional economy will experience sharp contraction in the second quarter, likely extending into the third quarter of 2020,” he continued. “The speed of rebound and recovery will be influenced primarily by how people react to governmental easing of restrictions on business activity. More substantial economic recovery will be delayed until such time that business owners, employees and consumers develop a greater level of comfort interacting with each other in the public domain.” 

If you are a reporter looking to know more about the Georgia economy, including areas such as:

• Regional expansion
• Employment trends
• Tourism
• and Expected deterioration of local business

Then let our experts help with your coverage.  Michael Toma, Ph.D., is Georgia Southern University's Fuller E. Callaway professor of economics and is available to speak with media about this topic – simply click on his icon to arrange an interview.