25 Experts’ Predictions on When We Will Bounce Back From COVID-19

There is likely a long road to recovery ahead.

By Gabrielle Olya January 7, 2021 Understanding the Economy                                                                                   

The coronavirus pandemic has disrupted life completely. Through multiple lockdowns, many nonessential businesses were closed. Since then, some have shut for good, and millions of people are still out of work. All of this, of course, has taken a hit on the gross domestic product (GDP) as well.

Although vaccines are available and being distributed to healthcare and other essential workers, there is still a long road ahead to get everyone’s daily life and the overall economy back to where they were before the coronavirus crisis began. GOBankingRates spoke to financial experts back in April to find out how long they expected it would take for us to bounce back. See if their predictions for bouncing back have come to fruition and what it will take to make that happen during these hard times.

It Could Take Over a Year for Employment Numbers To Rebound

Paul Miller, CPA and founder of the accounting firm Miller & Company LLP, handles clients with revenues in excess of $250 million and has been cited as an expert by Fox Business. He predicts that it will take at least a year for employment numbers to go back to pre-coronavirus pandemic levels.

“I do not see employment going back to normal for over a year or more,” he said. “A lot of companies will file for bankruptcy.”

Adam Enfroy, digital marketing influencer, said in July that an uptick in employment will be required for the economy to bounce back.

“Economic recovery could take more than a year due to new headwinds in the government’s most recent monthly jobs report,” he said. “As coronavirus cases surge, reopening plans become unpredictable. While the S&P 500 can survive this prolonged volatility, it’s much harder on the average worker. Even with the U.S. adding 4.8 million jobs in June, 3 million more became permanently unemployed. [To me], early signs of recovery don’t include a surging stock market, but instead sustained, predictable improvements to jobless rates and consumer spending.”

GDP and Consumer Spending Will Rise Again Once People Have Their Jobs Back

“If people feel comfortable and have their jobs back within a year, you could see the GDP back to normal,” Miller said.

Consumer spending also depends on job security, he added.

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