The United States is well placed to overtake countries in the European Union when it comes to recovery from the economic shock caused by the COVID-19 pandemic, CNBC reported.
- According to the International Monetary Fund (IMF), the U.S. is likely not only to return to but also exceed its pre-pandemic growth this year.
- The Euro Zone’s gross domestic product (GDP) is seen expanding by 4.4% this year versus the United States’ 6.4%.
- Data from Our World shows that about 50% of the US population received at least one dose of a COVID-19 vaccine, while only 20% of the European Union’s population received their first jab.
- At the end of the third quarter of 2020, the average personal savings rate in the US stood at 15.7%, while the household savings rate in the euro area came in at 17.3%.
- Analysts say the faster vaccine rollout in the US will allow consumers to spend their additional cash sooner, with the US in a much stronger position in this respect.
- Unemployment in the US is set to fall to 5.8% this year, while it is seen rising slightly in the euro area to 8.7% from 7.9% in 2020.