Vaccines Boost Optimism For Economic Growth In 2021
Apr 02, 2021
Several Sources Say Progress With Vaccination Gives Hope The Economy Will Continue To Improve
Comments, surveys, and expert opinions agree that the continued progress of vaccinations is giving the small business community encouragement that their prospects for the near future are improving.
U S Chamber Of Commerce
Most small businesses say the widening availability of vaccines gives them hope about the future of their business and that they're likely to require their employees to get vaccinated.
A majority (54%) of small businesses say the availability of vaccines has made them feel more optimistic about their own business's future.
Small business owners also want the vaccine themselves. Overall, 70% of small business owners say they are likely to get the COVID-19 vaccine as soon as it is made available to them. Just 28% say they are unlikely to do so.
Businesses of all sizes have been stepping up to help our economic recovery. Hundreds of companies have joined the U.S. Chamber's Rally for Recovery Commitment, which asks employers to commit to taking three important steps:
- Wear masks in the workplace
- Reduce barriers to employee vaccinations—to get the country back to health
- Communicate with your customers and communities
The good news for the rosy economic forecast is that government officials and health care professionals are learning quickly. Vaccination will accelerate quickly so that a strong recovery's economic forecast is likely, though not guaranteed.
New York Times
In the United States, the steady supply and distribution of vaccines, together with a reopening of the economy and fiscal stimulus, are expected to "significantly boost the recovery as people can return to shopping, dining, and travel."
Economists have generally expected that the sudden and deep pandemic-induced recession that swept across the globe last year would be followed by an upswing in growth as businesses reopened and people returned to normal lives. But the report released in February 2021 adds to a growing body of forecasts suggesting that the United States, in particular, could experience a post-Covid boom.
Ted Adams, 77, has put off myriad purchases while hunkering down during the pandemic. Adams and his wife, who live in Minneapolis, have forgone trips to their vacation home in Palm Desert, California, as well as purchases of new furniture for that house and a new Mercedes-Benz S Class.
But the distribution of COVID-19 vaccines "has given me confidence that the stock market will become more stable and life and the economy will be back to normal by summer," says the retired serial entrepreneur. "I was wavering about buying a new car but am now planning to do it soon after I'm vaccinated.… We've got a lot of pent-up spending we'll probably do once this is over."
Since December, the rollout of vaccines has set the stage for the U.S. economy to turn in its best performance in two decades next year as distribution spreads across the country.
Granted, this is a select group of quotes that demonstrate that there is significant confidence that vaccinations bode well for the economy in general. There are less optimistic predictions out there, but barring unforeseen setbacks, the consensus seems that widespread vaccinations are a huge step towards the recovery we are all hoping for.