On Friday, March 10th, it is the first time in-person Lunch & Learn event for AACE Hawaii Section since Covid-19. Sixteen members and friends assembled for lunch at the office of Rider Levett Bucknall to listen to a presentation on “where are we in economic recovery and where are we heading for” by Dr. Eugene Tian, chief economist at the Hawaii State Department of Business, Economic Development & Tourism (DBEDT).
Dr. Tian and his department conducts research on economic issues such as tourism, emerging industries, diversification, quality of life, technology, energy, and taxation. His team also produces the official statewide short-range economic forecast on a quarterly basis and the long-range population and economic forecast every 5 years.
In his presentation, Dr. Tian reviewed that the COVID-19 pandemic hit Hawaii hard in April 2020. The unemployment rate reached a historical high of 22.4%, over 60% of firms closed for business, and visitor arrivals decreased by 99.4%, and presented their latest publishes on the today Hawaii’s economy performance after three years into the pandemic.
In the end, he also discussed what we are heading for a recession in 2023.