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The country has been hit hard by the pandemic, and San Diego is no exception. Ray Major, chief economist and chief data and analytics officer with SANDAG, spoke about the San Diego economy, unemployment and the recovery during the most recent digital CREW San Diego event last week. According to his presentation, San Diego is forecasted to see a 7.1% drop in GDP this year, wiping out the gains from the last two years and outpacing national GDP loss.

“San Diego may experience a 7.1% loss in 2020 and a rebound of 4.7% in 2021,” Major said during the event. “That forecast is based on that there will be some type of a vaccine and we will be to return to normal. But, again, any gains that we have had in the economy over the last two years will be wiped out by this event.” By contrast, the nation is forecasted to contract 6.9% in 2020, also wiping out gains for the last two years and even into 2017, according to Major.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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