The pandemic, and restrictions due to it, have hurt the economy nationally. | Adobe Stock
The pandemic, and restrictions due to it, have hurt the economy nationally. | Adobe Stock
The Illinois economy won't be able to hide from its problems, a new Moody's Analytics report finds.
Even as the economic recovery begins to bounce back nationally from the impact of COVID-19, problems that plagued Illinois before the pandemic will still be a factor, making the road back to stability for the state a bumpy one, the Pentagraph reported on March 4.
While the Committee on Government Forecasting and Accountability (COGFA) predicted that stronger economic recovery across the state will commence in the middle of 2021 at its earliest, tougher times are coming, the article reported.
When all is said and done, researchers predict it may be 2023 before the state's economy is back in "full swing," according to Moody's Analytics report.
Still, all may not be lost.
"Illinois has what it needs to remain a top business center, as long as it can solve the fiscal problems that are eroding its edge in the competition for talent, jobs and capital," Moody's researchers said, noting that the state still boasts a strong agricultural industry and growth in Chicago's corporate environment.
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