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8 <br /> 7. The massive federal financial assistance provided during the pandemic pushed <br /> statewide personal income and retail sales above pre-pandemic levels. <br /> 8. Three big issues emerging during the economic recovery are inflation, <br /> government debt, and labor market changes. The inflation rate has recently <br /> trended higher; the question is for how long? While the national debt has risen <br /> substantially, low interest rates keep servicing the debt affordable, for now. The <br /> pandemic has already generated large changes in the labor market. The <br /> challenge will be for adequate training and re-training programs to <br /> accommodate these changes. <br /> 9. North Carolina's economy is forecasted to expand in 2022 and 2023. However, <br /> the strength of the growth will depend on the path of the Covid-19 virus. If the <br /> virus soon becomes completely controlled, North Carolina's aggregate <br /> production (GDP) will be 10% higher in 2023 than prior to the pandemic. But if <br /> Covid-19 variants persist, the growth rate will be cut in half to 5%. <br /> 10. The long run economic prospects for North Carolina are very positive. North <br /> Carolina has been among the few states with low per capita rates of both Covid- <br /> 19 deaths and job losses during the pandemic. This means North Carolina will <br /> be viewed as a relatively "safe state." During the expected national geographic <br /> re-sorting of households and businesses after the pandemic, North Carolina <br /> should be in a position to attract both new households and new businesses. The <br /> expected expansion of high-speed-internet to underserved areas and the greater <br /> use of the internet to access work, services, and health care will also increase <br /> economic growth and prosperity in North Carolina's small towns and rural <br /> regions. <br /> 2 <br />