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CDA: 1999 looks bright for NMI
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Posted on Dec 21 1998
The coming year will be better for the Commonwealth of the Northern Mariana Islands despite the continuing economic difficulty in some parts of the world, according to Commonwealth Development Authority Board chairman Juan S. Tenorio.
“I think we have reached the bottom this year. The year 1999 will be an upscale. And with the infusion of new cash, it looks like we’re on the right track,” Tenorio said.
Tenorio said tourist arrivals are now starting to pick up, indicating that the NMI’s tourism-based economy is slowly recovering.
He added that some of the NMI’s major markets — Japan, South Korea and Taiwan — are nearing economic stability.
“Off-road jungle tours are again picking up. Improvements in Korea, Taiwan and Japan will also help. My forecast is that the worst has happened. The future looks bright,” he said.
All points indicate that 1998 was the worst for the Northern Marianas, said Tenorio.
More than 1,000 businesses did not renew their licenses. Hundreds of other business establishments have closed shop and declared bankruptcy.
Thousands of overseas workers lost jobs and were sent home. Tourist arrivals drastically dropped. The local government finds itself in a deep financial burden due to a huge deficit.
