State Senate president: The time is now to prepare for a recession in 2020

State Senate president: The time is now to prepare for a recession in 2020
Senate President Ron Kouchi addressed his colleagues Wednesday at the opening day of the state legislative session. (Image: Hawaii News Now)

HONOLULU (HawaiiNewsNow) - In his remarks at the opening of the legislative session Wednesday, Senate President Ron Kouchi said Hawaii should prepare now for a recession in the next year.

“At the top of my list is my worry about the economy and where we’re going next year,” he said. “Most of the financial analysts, when you watch the major financial network news shows, say a recession is coming.”

He added that it’s vital for legislators to be fiscally conservative and “make sure we have the money before we spend the money.”

A recession in 2020 isn’t a certainty by any stretch.

But some economists have indeed warned that a number of factors could converge next year to lead to a recession.

As for the coming year, Gov. David Ige says the Hawaii economy is strong — and still moving forward.

He said he anticipates 2019 will be another record year for the visitor industry, and adds his administration has been taking steps to improve the financial condition of the state.

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