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Southwest Economy, First Quarter 2021

First Quarter 2021

COVID-19 Slammed into Texas, Leaving Long-Lasting Impacts

The economic road from the COVID-19 recession in Texas will likely feature a steeper, more rapid climb than the usual gradual rise associated with most recoveries.

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COVID-19 Poses Stubborn Challenge to Economic Growth in Mexico

Mexico, confronting a high rate of COVID-19 infection and an ineffectual medical response, recorded the largest decline in gross domestic product in a quarter century last year.

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Value-Added Tax Could Restrain Long-Term Federal Debt

Alan D. Viard, a resident scholar at the American Enterprise Institute and former senior economist at the Federal Reserve Bank of Dallas, discusses how to address the U.S. budget deficit in the aftermath of the COVID-19 pandemic.

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Go Figure: Collapsing Fuel Demand Tanks Texas Exports During Pandemic’s Peak

The COVID-19 pandemic wreaked havoc on Texas energy exports. U.S. energy exports excluding Texas were dramatically less affected.

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Spotlight: Pandemic Pushes Texas Minority Unemployment Beyond Highs Reached During Great Recession

Recessions are hardest on minorities; the COVID-19 downturn is no different in that regard. More than half of Texas’ population is Hispanic or Black and the consequences are far-reaching if those groups lag behind economically.

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Snapshot: Dining Out Picks Up in Texas, Houston

The number of patrons dining at restaurants surged in Texas and Houston after the state thawed from a deep freeze in February and COVID-19 constraints on restaurants and bars were lifted March 10.

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President’s Perspective

President Kaplan shares recent thoughts on the outlook for monetary policy, inflation and the importance of the vaccine rollout.

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Authors

Emily Kerr

Judy Teng

Keith Phillips

Jesus Cañas

Chloe Smith

Carlee Crocker

Pia Orrenius

Justin Chavira

Emma Marshall

Southwest Economy is published quarterly by the Federal Reserve Bank of Dallas. The views expressed are those of the authors and should not be attributed to the Federal Reserve Bank of Dallas or the Federal Reserve System.

Articles may be reprinted on the condition that the source is credited to the Federal Reserve Bank of Dallas.

Visit dallasfed.org/research/swe to read the full publication. The podcast is available at dallasfed.org/research/swe/podcast.