JPMorgan Expects Full U.S. Economic Recovery In 2022

JPMorgan Chase said it expects the United States to make a full economic recovery in 2022 amid nearly two full years of issues brought on by the COVID-19 pandemic on Wednesday (December 8).

"Our view is that 2022 will be the year of a full global recovery, an end of the global pandemic and a return to normal conditions we had prior to the Covid-19 outbreak," Marko Kolanovic, JPMorgan's chief global markets strategist, wrote in a note to clients obtained by CNN. "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."

The nation's biggest bank said it predicts progress to be made on the health front, which should lead to a "strong" economic recovery amid the return of global mobility and robust spending by consumers and businesses.

JPMorgan is also predicting growth for the stock market, although expected to be at a slower pace, with its year-end target of 5,050 for the S&P at 8% higher than current levels, CNN reports.

"In 2021, economies around the globe made great progress towards recovery and reopening," Kolanovic wrote. "However, much remains to be done as the recovery was uneven, incomplete and often interrupted by new virus outbreaks and scares."