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  "documentTitle": "NY COVID-19 Preliminary Economic Impact Assessment",
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      "kind": "disclaimer",
      "text": "These analyses represent only potential scenarios based on discrete data from one point in time. They are not intended as a prediction or forecast, and the situation is changing daily",
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      "text": "E.g., NY unemployment has risen by 2,104%; credit card sales have gone down by 20%\nEconomic impacts translate into pressures on government revenue - NY forecasts that tax revenue could decline by $13.3 billion in SFY 2021 compared to the Division of the Budget's February forecast, and $61 billion for SFY's 2021-2024",
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      "text": "Impact based on sources including unemployment claims and credit card sales, with additional analysis performed for key NY industries\nFor modeling purposes the \"Restart date\" for the NY economy is currently assumed to be in early Q3 2020 - consistent with DOB's latest modeling assumptions - although for specific industries the start date could be sooner or later as public health data permits\nShape of recovery for key industries informed by performance in past recessions\nBased on inputs above, we estimated total reduction in NY GDP, analyzing interaction effects between industries and regions",
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      "text": "NY is the financial capital of the world, represents 8% of US GDP, including 14% of the Education sector and 12% of the IT sector\nNYC is the #1 US destination for foreign travelers",
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      "text": "31% of all US COVID-19 cases are in NY\n37% of all US COVID-19 deaths are in NY",
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      "text": "tax revenue decline: $61 billion",
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      "text": "The health of the NY economy is crucial to the health of the entire country",
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      "text": "Nationwide social distancing policies have begun to reduce the rate of infections, hospitalizations, and deaths. However, they have also resulted in significant economic harm",
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      "text": "NY State has been hit harder by COVID-19 than any other State, with almost three times more confirmed cases than the next hardest hit state (NJ)",
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      "text": "To estimate the total harm to NY's economy, we analyzed the impact to date on NY industries, and potential rates of recovery",
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