Many predictions about the future economy have been made, but few carry more weight than what Jamie Dimon foresees, the CEO of the biggest US Bank JPMorgan&Chase. In his company’s shareholder letter, he went through a comprehensive outlook on the future of the US economy, which he sees an economic boom happening through 2023. Let’s take a look at a few reasons why.
The economy is ready to take off
As long as COVID-19 variants don’t spread as fast and inflation is controlled, there are indicators to look forward to the growth. This is due to multiple reasons. The various U.S. government programs to soften some of the economic turmoil from the pandemic aer helping the economy regain strength. As vaccines distribution increases, people and businesses can begin to function normally once more, allowing for consumer spending to go up. A euphoria around the end of the pandemic will lead to large amounts of economic activity. Added on top of that, the possibility of a new federal infrastructure bill from the Biden administration will generate millions of new jobs further strengthening the economy.
Big Tech and Fintech is ‘here to stay’
Over the course of the pandemic, Big Tech and Fintech have shown their resilience to economic downturns by providing crucial and reliable products to the populace. These companies are stronger than ever before, and will continue to compete with one another over a vast amount of products, services and industries. Large amounts of competition will follow, enabling these companies to grow and evolve.
‘Many employees’ will return to offices full-time
Lastly, although it might not completely return to pre-Covid amounts, the vaccination will allow many employees to return to offices full-time, which will allow workplaces to increase productivity and hire new employees easier. Another side effect is that small city businesses will have the chance to revitalize due to a new influx of workers returning to large cities or campuses.
While there is still much uncertainty of what will happen in the near future, there is a lot to look forward to. Click this link to check out the shareholder letter.
During the pandemic, many of the tech companies were able to grow due to the fact that many people were using the internet and devices to do school, work, and connect with the outside world. I think it will be interesting to see how these companies will do after the pandemic is over. I really enjoyed your passion blog over the course of the semester. I am not too familiar with the stock market and the investing world, so I liked learning about current news that impacts our economy or what was happening in the stock market. Overall, great job!