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Destiny's LandfallA History of Guam, Revised Edition$
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Robert F. Rogers

Print publication date: 2011

Print ISBN-13: 9780824833343

Published to Hawaii Scholarship Online: November 2016

DOI: 10.21313/hawaii/9780824833343.001.0001

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Recession 1990–2003

Recession 1990–2003

Chapter:
(p.265) Chapter 16 Recession 1990–2003
Source:
Destiny's Landfall
Author(s):

Robert F. Rogers

Publisher:
University of Hawai'i Press
DOI:10.21313/hawaii/9780824833343.003.0016

This chapter highlights a brief period of optimism for the people of Guam as it experienced an economic boom before looking into Guam during recession. Initially, Guam had experienced an economic spike following the influx of Japanese tourists earlier in the decade, and the suddenness of the Japanese recession—coupled with a substantial reduction of U.S. military presence in Guam after the Cold War—sent the nation already suffering from debt since the Spanish times spiraling down into an economic crisis. Thus the chapter shows how Guam has coped with its economic situation, the onslaught of devastating natural disasters, the storms of a more political nature, and other challenges of the decade.

Keywords:   Guam economy, recession, U.S. military, economic crisis, economic boom, tourism, Chamorro politics

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