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Guam Economic Outlook for 2020

Guam Economic Outlook for 2020

Small Business Focus & Development Committee

Summary:

Guam's economy is positioned for continued and likely increasing modest growth in FY 2020 & 2021. There are leading indications that the three primary sources of inflows of funds to Guam from tourism, federal expenditures, and construction capital investment are likely to simultaneously increase up to and during the outlook period. Guam's economy has exhibited remarkable stability and expansion. The Gross Domestic Product (GDP) has increased every year since 2006 in nominal dollars but growth as measured by GDP in both nominal and real measures is expected to continue and increase from the FY 2017 and FY 2018 years. During these years growth was constrained by linited construction labor supply with declining numbers of temporary foreign workers and a sharp decline in Japanese tourism arrivals due to international tensions between North Korea and the United States. Japan tourist arrivals have been steadily rebounding. While the momentum for for growth is building, it must be recognized that there is a myriad of global economic and political uncertainties including possible natural disasters which could impair the continued growth scenario.

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