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Hawaii Economic Forecast:
Moderate Recession Underway

Posted November 1, 2001 | Categories: Forecasts, Hawaii's Economy

The attacks of September 11 on the World Trade Center and Pentagon will have far-reaching adverse effects on the US, World, and Hawaii economies. Hawaii will be more adversely affected than many other states because of our reliance on air transportation and tourism. At this point, there is still much that is not known, but we now have sufficient evidence to form preliminary estimates of the current and prospective impact on Hawaii’s economy. Hawaii's tourism industry has been thrown into a severe downturn. Effects on the broader economy will be less severe, partly because the Hawaii economy was performing relatively well before the attacks, and partly because expansionary monetary and fiscal policy in the U.S. will begin to provide stimulus in coming months.

forecast Summary

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