Catherine Harris
With covid-19 vaccines being administered, many economies should pick up steam in the second half of this year. That momentum is expected to continue in 2022, with financial markets and housing also expected to remain strong.
However, there are a lot of downside risks in the next six months, said Craig Alexander, chief economist with Deloitte LLP in Toronto. People aren’t receiving vaccines as quickly as expected. New Covid-19 mutations are spreading. Meanwhile, Covid fatigue is setting in even as many jurisdictions have recently extended and expanded restrictions.
Furthermore, most countries will take a number of years to get back to pre-pandemic output levels. Forecasts for closing the output gap the difference between what an economy is and could be producing range from early 2022 to sometime in 2023, with a lag of 12 to 18 months before jobless rates return to pre-Covid levels. Companies don’t hire until they are sure stronger demand will be sustained.
A few hours after being sworn into her new position Wednesday, Vice President Kamala Harris administered the oath of office to three new Democratic members of the U.S. Senate.
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