An additional $ 2.9 trillion in savings for Americans during the Corona lockdown

American consumers have amassed an additional $ 2.9 trillion in savings during lockdowns linked to the Corona epidemic.

According to Arabiyanet, these savings are a formidable cash reserve that creates the possibility of a strong recovery from the epidemic recession.

and families in the United States, China, the United Kingdom, Japan, and the largest countries in the eurozone made a lot of money when the Corona virus forced them to stay at home and withheld them from stores, according to estimates by Bloomberg Economics , Which was seen by Al-Arabiya.net

The data shows that half of that total - $ 1.5 trillion and growing - is in the US alone. This is at least double the average annual GDP growth seen in the recent expansion and is equivalent to the annual output of South Korea.

such savings should provide fuel for economies to recover once the epidemic is defeated by the range of vaccines offered.

Optimists are betting on a shopping spree as people return to retailers, restaurants, entertainment venues, hot spots and sporting events as well as speeding up their stop-over big ticket purchases.

and in the US, a reduction in all the money saved in the past year will push economic growth up to 9% instead of the currently projected 4.6% of GDP. Local data for 2021, according to Bloomberg Economics.

in contrast, if savings are not spent, the economy is likely to grow only 2.2%.

"The summer of 2020 turned out to be a false dawn, but it also showed how quickly economies can recover." Again when removing the precautionary measures associated with COVID-19.