NYC IBO Report: Outlook for the City’s Economy: A Slow and Fragile Recovery

According to the report released by the New York City Independent Budget Office, although the city has entered into a slow and uncertain period of recovery after suffering a severe economic contraction at the outset of the pandemic, the recovery will remain closely tied to the success of public health efforts to contain the spread of COVID-19 and reduce its impact on the economy. Greater and more sustained progress of the roll out of the vaccination to increase the percentage of population vaccinated will significantly impact the pace of New York City’s economic recovery.