Page 11 - aruba-today-20201208

A11
BUSINESS Tuesday 8 december 2020
Survey: Business economists see full recovery by end of 2021

By STAN CHOE nors around the country
AP Business Writer ordered businesses to shut
NEW YORK (AP) — The U.S. down, the U.S. economy
economy's growth is likely shrank by a punishing an-
slowing as 2020 comes to a nualized rate of 31.4% from
close, but a growing num- April through June.
ber of economists expect During the summer, as
it to claw back to its pre- stay-at-home orders were
pandemic strength by the relaxed, the economy
second half of next year as exploded higher off that
vaccines for the coronavi- very weak base and grew
rus become widely distrib- at an annualized rate of
uted. 33.1%. Now that the easi-
That's the view from the lat- est gains have been made,
est survey of the National the economists surveyed
Association for Business by NABE say the economy
Economics. It found that likely has been growing
73% of surveyed forecasters at an annualized rate of
say the economy will return 4.1% during the last three
to its pre-pandemic level months of 2020. They ex-
by late 2021. That reflects pect growth to further slow
greater optimism than the to an annualized rate of
forecasters had expressed 2.9% during the first three
a couple months ago, A man pushes carts as a hiring sign shows at a Jewel Osco grocery store in Deerfield, Ill., Thursday, months of 2021.
when just 38% of them said April 23, 2020. The main concern going
they thought a full recovery Associated Press forward, of course, remains
could occur before 2022. the pandemic. Even if a
Economists have been say- nearly one-third revising sumer confidence, which activity is likely to slow fur- vaccine is approved quick-
ing for months that only their outlook higher based is critical to spending and ther, with health officials ly, it would be scarce at first,
when vaccines are widely on recent news of effective growth, remain well below warning against all but es- and most people wouldn't
available to control or de- vaccines." their pre-pandemic levels. sential travel and states be able to get one for a
feat the virus will the econ- Pharmaceutical compa- On Friday, the government and cities limiting gather- while. In the meantime,
omy be able to sustain any nies are asking U.S. regu- reported that employers ings, restricting restaurant soaring COVID-19 numbers
meaningful recovery from lators to allow the use of sharply scaled back their dining and reducing the are forcing governments
the worst economic down- their vaccine candidates hiring in November, add- hours and capacity of bars, around the world to reim-
turn since the Great De- after reporting encourag- ing 245,000 jobs — the few- stores and other businesses. pose varying degrees of re-
pression of the 1930s. ing data from clinical trials. est since April and the fifth But if the NABE's forecasts strictions on businesses.
Hopes that one or more The hope is that a wide roll- straight monthly slowdown. are right, a full recovery Slightly more than a quarter
coronavirus vaccines will out would mean fewer re- The report provided the lat- could be reached by late of forecasters surveyed by
roll out soon are helping strictions on businesses next est evidence that the job next year. If so, it would NABE, 27%, said the biggest
drive expectations higher, year and more confidence market and economy are mark a remarkably quick risk facing the economy is
said the survey's chair, Holly among shoppers and com- faltering in the face of a vi- rebound for the econo- inaction by Washington to
Wade. panies to spend more. rus that has been shattering my after its breathtaking offer more financial aid.
"NABE panelists have be- In the meantime, the econ- daily records for confirmed plummet during the spring. The only risk cited more of-
come more optimistic, on omy is struggling to gain infections. When the coronavirus was ten was the pandemic it-
balance," Wade said, "with traction. Measures of con- In the near term, economic first spreading and gover- self, at 57%. q
Mastercard, Visa investigate Pornhub business relationship

The Associated Press sible and flagrantly untrue'' tively engaging with the
Credit card giants Visa and to suggest that it allows im- relevant financial institu-
Mastercard said Sunday ages of the sexual abuse tions to investigate, in ad-
that they are investigating of children on its site. Porn- dition to engaging directly
their business relationship hub added that it employs with the site's parent com-
with Pornhub after a promi- moderators to screen every pany, MindGeek," Visa said
nent newspaper columnist upload and that it removes Sunday.
alleged that the porno- illegal material. Visa added that if Pornhub
graphic website shows vid- The online payment service is violating the law or bank
eos of rape and underage PayPal last year stopped policies, then the website
sex. processing payments to will be prohibited from ac-
Nicholas Kristof, opin- Pornhub, which is owned cepting Visa payments.
ion columnist at The New by the pornography con- Meanwhile, Mastercard
York Times, wrote Friday glomerate MindGeek. The promised "immediate ac-
that Pornhub carries rape columnist called out other tion" if the allegations are
scenes, revenge pornogra- card issuers for working substantiated. This Aug. 11, 2019 file photo shows Visa credit cards in New Or-
phy and other examples of with the site. In response to "We are investigating the leans.
explicit video taken without Kristof's story, Visa and Mas- allegations raised in the Associated Press
consent of the participants. tercard said they're investi- New York Times and are
In a statement to The As- gating the matter. working with MindGeek's a statement. the Amex card from being
sociated Press on Sunday, "We are aware of the al- bank to understand this sit- American Express said used on "digital adult con-
Pornhub said it is "irrespon- legations, and we are ac- uation," Mastercard said in company policy prohibits tent websites.''q