JPMorgan bets on Covid-19 pandemic's duration
US investment bank JPMorgan Chase said on Wednesday that 2022 will mark the end of the coronavirus pandemic and see global economic recovery.
“Our view is that 2022 will be the year of a full global recovery, an end of the pandemic, and a return to normal economic and market conditions we had prior to the Covid-19 outbreak,” said JPMorgan’s chief global markets strategist Marko Kolanovic. “This is warranted by achieving broad population immunity and with the help of human ingenuity, such as new therapeutics expected to be broadly available in 2022,” he added.
According to the Wall Street bank, all of this will lead to a “strong” recovery in the economy, marked by a return of global mobility and robust spending by consumers and businesses.
JPMorgan projected continued growth for the stock market, saying it expects the US S&P 500 index to rise nearly 8% from current levels by the end of next year.
“In 2021, economies around the globe made great progress towards recovery and reopening. However, much remains to be done as the recovery was uneven, incomplete and often interrupted by new virus outbreaks and scares,” Kolanovic said.
JPMorgan has also warned of some obstacles ahead, including the unwinding of monetary easing policies from central banks.
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