Tasmania being rated as the nation's top dog economically is no guarantee it will recover faster than the rest from the coronavirus recession.
That is according to prominent economist Saul Eslake, who said Tasmania had "historically always fared worse than the mainland during recessions, regardless of how we were doing beforehand".
That included the employment and unemployment performances during the Global Financial Crisis, the early 1990s recession and the early 1980s recession.
CommSec's latest State of the States report rated Tasmania as having the strongest economy of any of the eight states and territories.
"It's obviously great to be on top," Mr Eslake said.
"The observation that the last time we topped this indicator was in October 2009 should remind us that only a year later we were in recession while the national economy wasn't, and that recession lasted almost two years."
Premier Peter Gutwein was more bullish about recovery.
"The latest CommSec State of the States July 2020 report confirms Tasmania entered the pandemic from a position of strength as the strongest economy in the nation, according to the most recent statistics," Mr Gutwein said.
He said the figures showed Tasmania had the strongest job market in the most challenging times and that showed the government's responsible "glide path" to recovery was working.
"We have not sugar-coated the impact COVID-19 has had on our state," Mr Gutwein said.
"However, the strong position of our economy and budget prior to the pandemic is a pillar of strength to support our recovery.
"The government is doing everything it can to manage and mitigate the impacts on businesses, jobs, families and the Tasmanian community, and we are focused on the recovery process and getting the economy back on track and back in business.
"Since coming to office, we rebuilt our economy to be number one in the country and we can do it again.
"We will recover and we will rebuild a stronger Tasmania."
Mr Eslake said the ranking was consistent with what Mr Gutwein had previously said about Tasmania's economy outperforming the nation going into the pandemic.
However, Mr Eslake noted five of the eight indicators which influenced the rankings were from the March quarter, so were largely "pre-COVID".
"The Premier is absolutely entitled to claim some of the credit for Tasmania's good economic performance leading into the pandemic, although ... there's an element of good luck in that, too," Mr Eslake said.
"And he can be rightly proud of the fact that the Tasmanian government has been considerably more generous in the support it's provided to businesses, individuals and families and severely impacted industries to help them through the pandemic than any other state or territory.
"That is indeed probably one reason why Tasmania's economy hasn't suffered as badly as was initially feared ...
"Unfortunately - and this is no fault or criticism of the Premier or the government - history suggests that our good performance leading into the pandemic doesn't provide any guarantee that we will come out of it growing faster than the rest of the country."
Shadow Treasurer David O'Byrne said Mr Gutwein should take no comfort from the report.
"While the Liberal government has been quick to welcome this report, it will be cold comfort to the thousands of Tasmanians who have lost their jobs during COVID," Mr O'Byrne said.
"The report is, for the most part, based on data that's now out of date.
"What's going to matter for Tasmania is how the government implements a plan for the state's economic recovery.
"While Peter Gutwein doesn't have a plan to create much-needed jobs for Tasmanians, Labor does.
"Labor's COVID-19 Recovery Package is designed to get people back into jobs, and help those hardest hit by COVID-19."