JPMorgan Chase CEO Jamie Dimon (Jamie Dimon) delivered a speech at the inauguration of the new headquarters of JPMorgan Chase in Paris on June 29, 2021.
Michelle Euler | AFP | Getty Images
JPMorgan Chase CEO Jamie Dimon said on Monday that global supply chain problems caused by the coronavirus are hindering economic growth, but the problems will be fleeting.
“I should never do this, but I will make predictions,” Dimon said at a conference held by the Institute of International Finance. “This will not be a problem at all next year. This is the worst part of it. I think the great market system will adjust like a company.”
The pandemic has exposed how the global supply system is interconnected. For example, the shortage of semiconductor chips hinders manufacturers of automobiles and electronic products. The lack of willing workers has caused container ships to lie idle in major ports and delay delivery of goods to retailers.
Although some experts believe that some of the pain will last until 2023, Dimon is more optimistic. He said on Monday that he believes the economy is ready for growth in the next few years. He said that part of the reason lies in the strength of consumers.
“Remember, consumers are buying other things,” Dimon said. “They can’t buy cars, they want buyers to install them; they can’t travel abroad, they can only travel domestically. The level of consumption is very high.”
He added: “Because of the extraordinary power of consumers, they spend 20% more than before Covid.” “And the company is in good condition, they can continue to spend at these levels for a long time.”
Dimon said that supply chain disruption may ultimately only extend the recovery time, rather than derail it.
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