The latest development of the Covid-19 vaccine has boosted the U.S. economic outlook with economists at UBS predicting GDP readings to soar.
Pfizer and BioNTech on Monday announced that their Covid-19 vaccine has more than 90% effectiveness in preventing the Covid-19 pandemic. The announcement has boosted market expectations that the spread of the pandemic will end sooner than expected.
UBS initially expected the total number of Covid-19 infections in the U.S. to be near zero by the end of 2021, but with a recent announcement, the bank predicts that cases will approach zero within 6 months from now.
Seth Carpenter, U.S. economic chairman at UBS says that the Covid-19 case will reach near zero in the second quarter of next year. He added that the vaccine news was "very exciting" because its effectiveness rate was much higher than analysts expected.
The United States has so far recorded more than 10 million cases of Covid-19 infection since the outbreak. This has led to speculation as to whether the restriction of movement will be implemented again or not.
