The Congressional Budget Office projected that the American economy will return to its pre-pandemic size by the middle of the year even without federal aid.<br />This improvement is due to large sectors of the economy adapting better and more rapidly to the pandemic than originally expected.<br />The $900 billion economic aid package from the Congress in December including $600 direct checks to individuals and more generous unemployment benefits also has its part in the positive outcome.<br />The budget office expects unemployment rate to fall by 5.3% by the end of the year.<br />And the economy to grow by 3.7% for the year.<br />However, big economic risks remain and the economy is still below potential levels until 2025.<br />The office predicts that numbers of employed Americans won’t return to pre-crisis level until 2024.<br />But the way to a full recovery is still long and as there still are millions of unemployed people and small businesses facing a lot of difficulties. <br />The economic growth and employment could scientifically be boosted by COVID-19 vaccination campaign.<br />Other forecasts state that another aid like offered by President Biden could help economy to grow more rapidly and reach its pre-pandemic level by the end of the year.
