FARGO, N.D., May 5 — The Center for the Study of Public Choice and Private Enterprise has published a special edition of its Economic Outlook report forecasting the effects of the COVID-19 pandemic on the North Dakota economy.
The Economic Outlook Special Report details the possible effects of rising national unemployment and collapsing oil prices on state economic conditions. The report uses the North Dakota Forecast Model developed by Dr. Jeremy Jackson, director of the Center and associate professor of agribusiness and applied economics at North Dakota State University.
The forecast model projects decreased salaries and wages; a decline in the size of the labor force; rising unemployment; a decrease in gross state product; and lower total tax collections.
About the North Dakota Forecast Model
The North Dakota Forecast Model uses historical data and trends to project future economic outcomes. For the special report, researchers forecast the effects of COVID-19 by introducing rising national unemployment rates and potential West Texas Intermediate crude oil prices. The model takes each of these scenarios and uses past trends to forecast the effect on North Dakota’s economy. The report displays results for key economic indicators such as wages, the size of the labor force, unemployment, gross state product and total tax collections.
The views expressed in this report do not represent the views of North Dakota State University.
Kali Christianson, Outreach Specialist
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