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Powell projects US recovery to linger until end of 2021

Powell projects US recovery to linger until end of 2021

The White House is not in a hurry to make ambitious plans as well as it does not tell the American citizens stories about persistent economic growth during the pandemic. The country's authorities are well aware that they will have to keep all promises. Therefore, they are used to looking at things more objectively. Despite the fact that the US is considered to be the world’s largest economy and is better prepared for any kind of shocks, its economic recovery could take until the end of next year. However, even such a pessimistic scenario is likely to unfold only if a vaccine against the coronavirus is found. “For the economy to fully recover, people will have to be fully confident. And that may have to await the arrival of a vaccine,” Jerome Powell, the Chair of the Federal Reserve. He also added that the US economy will completely recover. However, it could stretch through the end of next year. According to US President Donald Trump, a vaccine against COVID-19 is expected to be developed by the end of this year. The question is whether these statements are true. Even according to the most optimistic forecasts, the development of a vaccine, its testing, and admission to serial production will take significantly more time. Thus, Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, and Rick Bright, the former director of the Biomedical Advanced Research and Development Authority, believe that this is likely to happen only in the second half of next year.


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