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  "documentTitle": "NY COVID-19 Preliminary Economic Impact Assessment",
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      "text": "This analysis suggests the total impact on NY's economy will be $243B over the course of the full recovery relative to pre-Covid economic levels, which is equivalent to ~14% of NY's 2019 GDP.",
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      "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": "Additionally, there is a $202B loss relative to pre-Covid GDP growth trends, bringing the total loss to $445B\nThis impact is greater than 9/11 or the 2008 Great Recession which caused an economic impact equivalent to -2% and -10% of Real GDP respectively\nBased on this analysis, the economy would recover to the 'Pre-COVID' level in Q1 2023\nAnalysis already accounts for the positive economic effects of new Federal aid for unemployment insurance and economic impact payments, suggesting significant funding gaps are likely to remain despite CARES act\nBoth the degree of impact and recovery paths vary by industry. However, the impact is widespread, affecting most industries and all NY regions",
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      "text": "Short-term impacts. The economy has been deteriorating rapidly, and the pace of deterioration could continue to exceed expectations\nTiming of restart. Analysis assumes restart at the beginning of Q3 2020, which depends on continued success fighting the epidemic and putting in place the conditions which would allow a safe restart minimizing the risk of resurgence\nPace of restart. Significant uncertainty remains about how quickly certain industries, geographies and population segments will return to normal activity\nAdditional epidemic waves. Additional waves (or resurgence due to premature restart) could require re-introduction of health measures interrupting recovery\nTax structure. Analysis assumes no change to current taxes. However, tax policy decisions could delay the pace and extend the duration of the recovery",
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      "text": "Total economic impact: $445B",
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