April 07, 2021 at 06:19PM

J.P. Morgan Chase & Co. CEO Jamie Dimon said in his annual letter to shareholders that as the world emerges from COVID-19, he anticipates that the country will see boom times that could last until 2023.

“I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom. This boom could easily run into 2023,” he predicted.

Dimon said the country could see a “Goldilocks moment” with swift sustainable growth and low inflation thanks to government rescue funds, vaccine distribution, and “euphoria” as we leave COVID days behind, the head of the country’s largest financial institution by size and profits said in the 65-page letter. 

The letter also pointed to issues that could stifle a rebound, like mutant virus variants, a sudden inflation surge or infrastructure investments that fail to measure inefficiencies. Further, Dimon warned banks that the future is now and that FinTech players are quickly closing in.

“While I am still confident that J.P. Morgan Chase can grow and earn a good return for its shareholders, the competition will be intense, and we must get faster and be more creative,” per the letter. “Acquisitions are in our future, and FinTech is an area where some of that cash could be put to work.”

Economic measurement tools have also been pointing to an economic rebound. The Consumer Confidence Index for March showed an increase to 109.7, up from 90.4 in February, the most promising measure since the pandemic took hold last year. The Conference Board Measure of CEO Confidence was also up in the first quarter of 2021, building on the uptick in September 2020. 

The FinTech acceleration that birthed the rise of challenger banks and neobanks got a boost from the pandemic, with a massive influx of new users looking for digital, contactless ways to handle banking, money transfers and payments. eCommerce also saw a pandemic-fueled increase in new users flocking to digital storefronts. 

JPMorgan’s Dimon Forecasts Economic Boom Post-Pandemic …

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