Ryan Severino of JLL shares optimism about the economy, healthcare and HRE
By John B. Mugford
JLL Chief Economist Ryan Severino (right) shared his views on the economic outlook during a Feb. 17 Revista webcast. Also pictured is Revista Partner Hilda Flower Martin. (HREI photo)
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.”
And yet,
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