Badly hit California economy aims to reverse virus 'free fall'

Having paid out nearly $19 billion in unemployment benefits, with the assistance of federal loans, California now faces a $54-billion deficit."COVID-19 has caused California and economies across the country to confront a steep and unprecedented economic crisis – facing massive job losses and revenue shortfalls," Governor Gavin Newsom said two weeks ago.

With an economy larger than Great Britain's, California represents 14.5% of the entire nation's gross domestic product.Hollywood's sprawling entertainment industryThe hi-tech sector provides reasons for optimism, according to Jerry Nickelsburg, economics professor at University of California Los Angeles, who predicts future manufacturing will favor"locations where there is a concentration of engineers and scientists.

California's"very strong and vibrant tech sector" is expected to"grow and to lead us out of recession," he added. "That means California, especially in the high income sectors, will be growing more rapidly than the [rest of the] US." But not everyone is so bullish. Steyer has warned the technology sector may not be enough to compensate for"free fall" in other parts of the economy, according to the

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