Goldman Sachs expects COVID-19 vaccine to lift the economy in 2021

Jan Hatzius, chief economist at Goldman Sachs, thinks the wide distribution of COVID-19 vaccines will help lift the U.S. economy in 2021. Mr. Hatzius, who has forecast growth in the nation's economy by three percent in the first quarter, raised his entire year projection from five to 5.3 percent. “We estimate the vaccine boost based on the assumption of a sharp bounce-back in the most virus-sensitive industries, with reopening of businesses, reduced risks, pent-up demand for services, and a significant amount of accumulated excess savings all providing a tailwind,” he said.