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Economist says vaccine is the key to revival of economy - but it might not happen until 2022

By and David Komer online producer
Published  February 16, 2021 9:41pm EST
Small Business
FOX 2 Detroit

FOX 2 - There are a lot of ifs up in the air to accurately forecast how quickly the economy will dig out from Covid, but the biggest variable is the vaccine.

Expert says economy may not recover until 2022

There are a lot of ifs up in the air to accurately forecast how quickly the economy will dig out from Covid, but the biggest variable is the vaccine.

Dr. Andrew Malik, partner and chief economist at O'Keefe, consumer confidence is everything. Just opening everything back up might not mean everyone returns. 

"There are a lot of folks, especially the elderly, that are not wanting to get out because of Covid and that is the reality," he said. "Consumption is very hinged on getting people vaccinated.

"In my opinion, vaccinations are really critical to the growth of the US economy."

He says even for those who don't want to get vaccinated, that if enough of the population does, things can get better. Malek says by 2022 he sees things getting back to normal growth. 

For more of the interview, watch the video above.