(RepublicanNews.org) – The rise of the COVID-19 pandemic and its accompanying economic collapse led to the worst economic crisis in nearly 100 years. The pandemic’s anticipated end in the latter part of 2021 represents the light at the end of a very dark tunnel. However, recovery will be slow and is expected to be multi-phased.
Moody’s Analytics deputy chief economist Cris deRitis believes the nation’s recovery will involve an initial phase wherein the economy will experience modest gains. However, job growth will still lag, as will consumer confidence. This segment of reconstruction occurs during the pre-vaccine portion of the pandemic.
— Equifax Insights (@EquifaxInsights) November 24, 2020
The second phase occurs once vaccine distribution reaches peak levels, and the nation begins a trajectory towards imminent herd immunity. In this phase, economic growth will begin to accelerate, and consumer confidence will continue rising towards pre-pandemic levels.
The overall outlook for 2021 appears optimistic, with the nationwide distribution of two vaccines happening and more expected early in the year. However, economic recovery will take a substantial period after everyone wanting a vaccine receives one.
Copyright 2021, RepublicanNews.org