The US economy is set to fully recover to pre-COVID levels this quarter – a feat that took more than 3 years after the last financial crisis
- Date: 08-Apr-2021
- Source: Business Insider
- Sector:Economy
- Country:Middle East
The US economy is set to fully recover to pre-COVID levels this quarter – a feat that took more than 3 years after the last financial crisis
Real gross domestic product for the US economy is likely to retake its pre-coronavirus levels this quarter, economists predict.
The measure of GDP “” which provides an inflation-adjusted snapshot of overall economic value “” is set for a much faster recovery than after the financial crisis that ran from 2007 to 2009, when the economy took more than three years to regain its pre-crisis size, according to economists at German lender Commerzbank.
"GDP is expected to return to pre-crisis levels as early as the current quarter," wrote Commerzbank economists Bernd Weidensteiner and Christoph Weidensteiner in a note.
They added that US
real GDP
took 13 quarters to reach its pre-crisis peak following the financial crisis.
"High-frequency data show that the US economy gained noticeable