URI economist says he is hopeful RI is past the worst of COVID economic downturn
KINGSTON, R.I. (WLNE) – According to Len Lardaro, an Economics Professor at the University of Rhode Island, the state has moved past the worst of the COVID-19 economic downturn.
He says that our state’s economy was in an “induced coma” and something we have never seen before.
Although Rhode Island is leading the way when it comes to seeing a drop in cases, the professor says it will be years before our economy gets back to some sort of normal.
“For Rhode Island, we weren’t doing well before the pandemic hit, my prediction was for 2020 was there was a better than 50/50 chance Rhode Island would have entered a recession we weren’t prepared for this. I’m thinking three to give years before Rhode Island can get back.” Said, Lardaro.
He says the economy moving forward from this pandemic also depends on when there’s a vaccine available for COVID-19.