NEW YORK, Oct. 27 (Xinhua) -- New York City's economic development strategy once made it thrive, but now drags its recovery from the COVID-19 pandemic behind the rest of the country's, as more than 1 million residents are out of work, and the unemployment rate is nearly double the national average, reported The New York Times on Tuesday.
The city had tried to insulate itself from major downturns by shifting from tying its fortunes to the rise and fall of Wall Street. A thriving tech sector, a booming real estate industry and waves of international tourists had helped Broadway, hotels and restaurants prosper, said the paper.
