27 Nov 2008

CNMI economy will be turned back 20 years under federalization - says report

11:08 am on 27 November 2008

A recently released report analyzing the current CNMI economy says federalization, would essentially turn back the economy twenty years.

The "Economic Impact of Federal Laws on the CNMI," provides two scenarios: what will happen under federalization and what will happen if the federalization laws are repealed or moderated, coined the "relief" scenario.

According to the report, under federalization, the CNMI economy stands to lose approximately 44 percent of its real Gross Domestic Product, 60 percent of its jobs and 45 percent of its real personal income by 2015.

Richard Pierce, the governor's special assistant for economic affairs and trade relations, says that, according to the report's findings, there is no doubt the CNMI is experiencing a downward turn in the economy.