ALBANY — A consultant for the state is predicting that the recession caused by the coronavirus pandemic will be deeper and the recovery longer than the 2008 Great Recession and that which followed the 9/11 terror attacks in 2001.

According to a statement by the state Division of Budget, New York state’s economy will lose $243 billion over the course of the full recovery, which is equal to 14 percent of the state’s Gross Domestic Product. Recovery to "pre-COVID level" would take three years, to the first quarter of 2023, the review said.

Budget agency officials also said the $10.1 billion in spending reductions from the levels proposed in the Executive Budget include an $8.2 billion reduction in “aid-to-localities,” which includes funds for health care, K-12 schools, and higher education as well as support for local governments, public transit systems, and the nonprofit that assist the state. State agency operations will be reduced by 10 percent, along with other savings.

The report by Boston Consulting Group, which provided an economic outlook at the state’s request, details the major hits in different sectors of the state’s economy and compares the current pandemic with previous disease outbreaks.

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It makes mention of New York’s important position among other states in the nation, citing that the “health of the NY economy is crucial to the health of the entire country,” as it is the financial capital of the world, represents 8 percent of America’s GDP and that New York City is the top U.S. destination for foreign travelers.

The preface to the report, by Budget Director Robert F. Mujica Jr., says New York clearly can’t navigate the national crisis on its own and needs federal funding. Read the report here.

Budget officials on Saturday said the fiscal year 2021 Enacted State Budget Financial Plan projects a $13.3 billion shortfall, or 14 percent, in revenue from the executive budget forecast released in January. It estimates a $61 billion decline through fiscal year 2024 as a direct effect of the pandemic.

“Above all, our efforts to stop the spread of the virus are working to save lives, and now we are also addressing the economic realities the pandemic is causing as we move New York forward and build back better than before,” Mujica said. “Unlike the federal government, New York State must balance its budget and in the absence of federal assistance, we will have to make deep cuts which could impact a broad range of services.”