(ReliableNews.org) – The International Monetary Fund described the global economic collapse resulting from the COVID-19 pandemic as a “crisis like no other,” predicting that a lengthy outbreak would test nations’ abilities to approach job production and economic recovery moving forward.
At home, the United States faces the worst financial crisis since the Great Depression struck the nation nearly a century ago. Much of the world is in the same situation. Facilitating a full economic recovery in the US depends on a variety of factors. The job market structure is changing at warp speed as the country moves into 2021.
However, the nation’s future economic outlook is extremely promising in light of the Food and Drug Administration’s December 2020 approval of emergency use authorizations for two COVID-19 vaccines.
Full U.S. Economic Recovery Relies on Vaccine, Job Growth
A full U.S. economic recovery depends on many factors, but one of the things Cris deRitis, deputy chief economist for Moody’s Analytics, is certain of is that the labor market structure is changing.https://t.co/Kf6K3H7Ick pic.twitter.com/8nJnN9f4y4
— Door and Window Market (DWM) Magazine (@dwmmag) November 20, 2020
Cris deRitis, the deputy chief economist for Moody’s Analytics, expects economic recovery will enter two distinct phases in 2021. Arguably, the nation is already in the first phase– the pre-vaccine phase, where the economy will experience some gains, but consumer confidence will remain guarded.
Phase two will begin once the vaccines reach an optimal distribution level, accelerated economic growth, and raised consumer confidence in markets.
It took the nation the better part of a year to fall into the economic abyss it finds itself mired in as December comes to a close. It will take some time for things to return to normal, but they will eventually.
Copyright 2020, ReliableNews.org