After the worst year of the global economy since the Great Depression, the US is set to lead a robust rebound in the West as mass vaccination in opposition to Covid-19 drives a return to more or less ordinary life.
The improvement will come in stages, with the US and countries such as the UK recovering quicker than those in the European Union, as the timing and speed of recoveries will depend mainly on the pace and reach of the vaccination, according to economists.
Economies in North America and Europe are expected to get psyched as shops, restaurants and hotels gather with freshly vaccinated consumers armed with savings they gathered during the long pandemic. Moody’s Analytics estimates households globally had $5.4 trillion in pandemic-oriented savings at the end of the first quarter.
Countries such as the Us and the UK are expected to benefit from faster consumer-fueled recoveries as their governments close in on vaccination goals. Data on Thursday are expected to display the US growth rushed in the first quarter as coronavirus-connected restrictions eased the vaccination coverage increased.