U.S. gross domestic product, the key measure of economic growth, could return to levels it experienced before the coronavirus pandemic by the end of next year, though it is expected to be surpassed by growth in Asia.
If the United States can widely distribute vaccines by next spring and avoid new rounds of lockdowns, the economy is expected to pick up as landlords and business owners may reopen more offices, shopping malls and other businesses shuttered by the pandemic, at least at reduced capacity, according to a new CoStar analysis.
However, even in a best-case scenario, domestic growth in Asia is expected to surpass the United States and all other global regions. Asian countries such as China, Japan and South Korea got a head start on recovery by strictly enforcing travel and mobility restrictions early in the pandemic, helping to contain the rate of new cases.
To watch a presentation of all of CoStar's predictions for the coming year, click here.