UCLA economists say California should expect a “euphoric” economic recovery

People walk along Santa Monica Pier.

People walk along Santa Monica Pier. Frederick J. Brown / Getty Images via AFP

UCLA economists predict that California’s economy will recover to “happiness” after the COVID-19 downturn, and the state will recover faster than the United States.

According to UCLA Anderson’s quarterly forecast, California’s decision to impose mandatory masks, social distance requirements, and restrictions on businesses and restaurants protected the state’s economy. California Technology and White Color Business The sector and housing construction boom will also help offset the gradual return of tourist and hospitality jobs. Is Los Angeles Times I will report. However, there are some uncertainties. It depends a lot on whether many Californians move away from more California to cheaper housing and how quickly foreign tourists return.

Forecasts show that this year’s gross domestic product will increase by 7.1% to 5% in 2022 and 2.2% in 2023. Times The United States and California are “trying to achieve the highest economic growth since World War II,” which will be a “happy” recovery from the COVID-19 stimulus package.

In the late 2000s, “after a cold response to the massive financial crisis, we didn’t recover completely,” Feler said. “It had a negative impact on the economy, politics and society, so I learned the lesson. This time I put more money into the economy.”

Scott Anderson, chief economist at Bank of the West in San Francisco, said people were ready to go out and spend their money. Times“The US and California pandemic recovery is expected to be as extraordinary as the pandemic recession was disastrous.” Consumers have bloated bank accounts, personal savings and household wealth. The willingness to record and spend like a sailor on a temporary break will help recover. “

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