Congressional Budget Office CBO sees rapid growth recovery. Labor force returning to pre-pandemic level by 2022

Like & Share us on Facebook.



The 2020–2021 coronavirus pandemic caused severe economic disruptions last year as households, governments, and businesses adopted a variety of mandatory and voluntary measures— collectively referred to here as social distancing—to limit in-person interactions that could spread the virus.


The impact was focused on particular sectors of the economy, such as travel and hospitality, and job losses were concentrated among lower-wage workers.

Over the course of the coming year, vaccination is expected to greatly reduce the number of new cases of COVID-19, the disease caused by the coronavirus. As a result, the extent of social distancing is expected to decline. In its new economic forecast, which covers the period from 2021 to 2031, the Congressional Budget Office therefore projects that the economic expansion that began in mid-2020 will continue.

Specifically, real (inflation-adjusted) gross domestic product (GDP) is projected to return to its prepandemic level in mid-2021 and to surpass its potential (that is, its maximum sustainable) level in early 2025. In CBO’s projections, the unemployment rate gradually declines through 2026, and the number of people employed returns to its pre pandemic level in 2024.

Follow us on Google news for more updates and News

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed. is not registered as an investment adviser with the U.S. Securities and Exchange Commission. Rather, relies upon the “publisher’s exclusion” from the definition of investment adviser as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.

Full Disclaimer