Economic Outlook 2021

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Before we dive into the nitty gritty, let’s take a look at what we can expect from the economy in 2021. Here’s what you need to know:

 
  • The rollout of a vaccine, which was first announced in Rhode Island mid-November, will mean a boost for businesses as people grow more comfortable with venturing out and spending – safely.
  • Under President-elect Joe Biden, we can expect some sort of stimulus package (likely around $1 trillion, Goldman Sachs predicts) that will inject some life back into the economy.
  • While the second wave of cases has prompted a more conservative outlook, the trend for GDP estimates remains positive: the IMF predicts a growth of 3.1 percent in the US this year.
  • If we assume history repeats itself, we can expect the economy to rebound after this second round of restrictions is lifted – as it did in spring.
  • Banks are likely to keep interest rates low for a while (perhaps even into 2023, according to the Federal Reserve), which means people are more willing to borrow money for big purchases like cars and houses.

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