GDP Expected to Recover in 2021

GDP Expected to Recover in 2021

(RepublicanPress.org) – Larry Kudlow, the director of the US National Economic Council, keeps talking about the country’s “V-shaped economic recovery” in the wake of the fallout from the COVID-19 pandemic. Economists working for the investment bank and financial services company Goldman Sachs updated its gross domestic product (GDP) outlook in the wake of the November 3 general elections. It indicates the country is alive and well moving into 2021.

Economist Jan Hatzius led the group of economists evaluating next year’s projected GDP growth, estimating it would grow by about 3.5% in the first quarter of 2021.

Goldman Sachs also projects the GDP will return to pre-pandemic levels during 2021’s second quarter. Those new figures represent optimism regarding the anticipated development of a coronavirus vaccine and the nation’s gradual reopening.

Additionally, Congress is expected to pass a massive fiscal stimulus bill to boost the country’s economic recovery, which could further boost the nation’s GDP.

Best of all, biotech companies Pfizer and Bionic announced they submitted paperwork for emergency use authorization from the USFDA for their COVID-19 vaccine on November 20. Additionally, Moderna said it would seek authorization for its vaccine by the end of the month.

Copyright 2020, RepublicanPress.org