ASU forecast: Arizona, U.S. could be back near economic normal in 2021

Economists predict local and nationwide economies could get back to business as usual in the new year if a vaccine stops the spread of COVID-19 and Congress supports a stimulus plan to keep the rebound going.

Economists predict local and nationwide economies could get back to business as usual in the new year if a vaccine stops the spread of COVID-19 and Congress supports a stimulus plan to keep the rebound going.

In this story published Dec. 1, 2020, in The Arizona Republic:

We need about 100,000 (statewide) jobs to get us back to where we were when the downturn started.

– Research Professor of Economics Lee McPheters, who's the director of the JPMorgan Chase Economic Outlook Center

Governments in many countries, including the U.S., are expected to continue to run deficits mainly due to the growth of entitlement programs. Improving this long-run picture by implementing unpopular solutions will be one of the main political challenges going forward.

– Professor of Economics Bart Hobijn