This is the start of the Back to School shopping season and Tax-Free Weekend is Friday and Saturday. It is the weekend when people traditionally shop for their kids and spend a little extra money on a night out or weekend get-together before school starts.
According to the state’s economist, it might take two years for the Mississippi economy to completely recover from the COVID-19 recession despite it being the shortest one on record.
Now that numbers for now-concluded fiscal 2020 are in, comparisons can be made between COVID-19 recession and the Great Recession that lasted from December 2007 until June 2009.
Darrin Webb is the state’s economist for the Institutes for Higher Learning. He told the Northside Sun that he believes this recession is likely to be a lot shorter than the Great Recession, which lasted about 18 months before recovery began. According to Webb, the COVID-19 downturn will be the shortest recession on record.
He said the consensus for most economists is that the COVID-19 related recession began in March and ended in May, but that the biggest difference between the two was that 2020 had a much deeper dive when it comes to economic activity (11.3 percent decline vs. a 3.3 percent decline during the Great Recession).
The business community agrees with Webb, according to research from accounting firm Ernst & Young Global Limited. According to a March survey of corporate executives called the Global Capital Confidence Barometer, 54 percent think that the recovery will be a slower one that extends in 2021.
Webb thinks the commonality between both recessions is that the recovery time could take nearly two years for gross domestic product (which is a measure of all economic activity) levels to rebound to pre-recession levels.
Something was missing from Clarksdale this Spring.
Tourist from all over this great nation and the world were not walking our streets, in our restaurants and joints, shopping in our stores and sleeping in our hotels, motels and bed-and-breakfast inns.
And we missed them.
Coahoma County property taxes could go up four mills next year as supervisors look at financing final construction costs at the new jail, equipping their E911 center and central county fire station and building the Jonestown bypass.
“So when will the economy reopen?”
That is the question every businessman, homeowner, teacher, parent and grandparent in this country is asking.
And it is one the leaders of our nation, state, county and city need to be telling their constituients as soon as possible.