Joseph Bradley, senior vice president and chief economist with the Bank of Guam, was the guest speaker at the Rotary Club of Northern Guam’s meeting Wednesday noon.
His message was much like it has been in the past, not much has changed.
Bradley said 2020’s economic outlook looks like what it has been for the past few years — continued slow growth.
“It looks like recent actions in Iraq, are going to make things substantially worse in terms of fuel costs and consumer prices have risen faster than local incomes or earnings,” Bradley said.
However, not all is dire.
Bradley pointed out that tourism numbers were a record high in 2019 although he qualifies that this doesn’t always indicate higher revenue for the economy due to housing and resource costs.
He added that with industrial production in the U.S. drastically minimalizing, the addition of new trade tariffs, and the recent conflict in the Middle East, things may take a downturn first before improving.