New York is like the capital of the world. It's famous nickname is 'the city that never sleeps'. It is named as such for a reason. Opportunities are overwhelming in New York City so people would expect that it would have a diverse population coming from different places of the world. As a consequence, it can also be competitive. Big corporations hold events in this place because they want a target audience that are smart, competitive and creative. This makes the economy of New York booming. It is not really susceptible to recession but that is not guaranteed. No place in this world is recession-proof because we cannot tell what may happen in the future. A natural disaster could hit New York, for all we know. So, I think the answer is global.
