GOVERNOR Arnold I. Palacios is urging the federal government to continue funding the CNMI’s annual economic report.
In an email to Variety on Monday, the governor said the report released last week by the U.S. Department of Commerce’s Bureau of Economic Analysis “is an essential tool for understanding the CNMI’s past economic landscape and challenges while measuring our progress.”
He said the report highlights areas where the Commonwealth must continue to focus its efforts, “such as further diversifying our economy.”
The latest BEA report mentioned that because the Office of Insular Affairs “has paused funding of this work,” the bureau “is pausing the production of GDP statistics for the CNMI. When funding and improved data sources become available, BEA plans to resume production of these statistics.”
Palacios said he is urging continued federal support “to ensure that this critical data remains available to guide future policy and investment decisions. Reliable statistics are fundamental in ensuring transparency, data-driven decision-making, and collaboration for our shared prosperity.”
The latest BEA report noted an upward trend in the CNMI’s 2021-2022 real GDP, which was attributed to an increase in tourism activities and influx of federal funds in response to the economic impact of the Covid-19 pandemic.
The local economy, however, has yet to recover from the near collapse of the tourism industry due to the global travel restrictions imposed during the pandemic.
