Ryan Severino of JLL shares optimism about the economy, healthcare and HRE
By John B. Mugford
Unlike other past economic crises, the current one is quite different in that it is dominated by a pandemic hindering both the supply side and the demand side of the economy simultaneously.
This double-edged sword has, at least so far, been preventing what has often been a typical road to recovery out of recessions: rising consumer confidence and spending throughout various aspects of the economy.
This time, however, the COVID-19 pandemic has shut down “certain parts of the economy” not only once, but a second time, and “on the demand side it has created a disincentive for people to go out and engage in the economy,” said Ryan Severino, chief economist for Jones Lang LaSalle Inc. (NYSE: JLL).
“Not that I thought people were jumping back in wholeheartedly (after a slight relapse in pandemic in mid-2020), but at the margin it made people think twice about going out to a bar or to a restaurant or getting on an airplane, staying at a hotel, things like that.
“So, undoubtedly, the pandemic, which is the source of this problem, started to create more of a headwind for the economic recovery as the pandemic started to accelerate again.”
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