Ever since the pandemic has hit the country, the economy has suffered a lot. The statistics made it evident for everyone that the last year was not good for the country’s economy, which led people to believe the coming years would not be so well either. But the last few months have paved the way for the recovery of the country’s economy Brian C Jensen.
Influential people and the country’s top economists expect to see a sharp increase in the country’s economy. They believe that the measure that the government took regarding vaccination and the aid of the government for the economy would lead the economy to a better tomorrow.
Brian C Jensen and Others Draw Conclusion from the Survey By NABE
National Association for Business Economics conducted a survey aimed at estimating the economic growth during the years. The results were released a few days back, and the results were not something the most common people would expect. As per the results of the survey of NABE, it expect that the country’s economy would increase by 6.5 percent.
This increase is much needed for the country as many families have been badly hit by the pandemic and lost their jobs. If the economy increases by this rate, it would be the sharpest increase in the economy in nearly three decades. The last time the country saw such a rise was in the year 1984.
1984: The year of economy
In the year 1984, the country saw a huge rise in the economy. The period before was not great for the country, just like it is during the current time. Today, the country is dealing with a pandemic, but back then, the country was hit by a bad recession phase. When the country recovered from that, it saw an increase greater than 6 percent, which was one of the highest increases in its history.
NABE’s Survey and the Reasons for Growth
The NABE survey had 49 forecasters send in their forecasts. The responses from all of the 49 people were then taken into account to draw a conclusion and create a report. This month’s report has more apparent findings than any of the reports in the past.
This sudden increase in the expectations of the economist is because of the efforts of the government. The early months of 2021 have seen the government actively providing aid for economic growth as much as possible. President Biden has put in 1.9 trillion USD in the support package to pay 1400 USD to individuals.
The reopening of businesses and an increased rate of vaccination have been great for the economy so far as per the opinion of Brian C Jensen. Apart from this, many Covid strains have also weakened, and the lifting of restrictions has also had a positive impact. Collectively, all of these factors have led to this drastic change in economists’ views. And has led them to increase their estimations for economic growth.
Leave a Reply