Goldman Sachs Group (Goldman Sachs) expects "at least one" vaccine to be approved by the end of 2020 and put on the market in the second quarter of 2021 for wide distribution. This development will boost US consumer spending and next year's GDP and employment data.

A team of strategists led by Jan Hatzius, chief economist of Goldman Sachs Group, said in the report that the US GDP forecast for 2021 was raised to 6.2 per cent from 5.6 per cent, and the unemployment rate was reduced to 6.5 per cent from the previous forecast of 7 per cent. Strategists also expect the unemployment rate in the United States to fall from the current 10.2% to 9% by the end of the year.

The Goldman Sachs Group report predicts that "consumer service spending will accelerate in the first half of 2021 as consumers resume pre-epidemic activities."

However, the bank warned that the recent downside risks were related to the failure of the US Congress to approve the "fourth phase" financial rescue plan for the epidemic.

"We still expect a package worth at least $1.5 trillion to become law by the end of August, but there may be no further legislative action, which increases the risk and could pose a threat to the initial economic recovery," the report said. "

Goldman Sachs Group said last week that the market had underestimated the prospect of developing at least one vaccine and putting it into use by the end of this year. Goldman Sachs Group said vaccine development could make the S & P; 11 per cent higher than its current level.

Biotech analysts at Morgan Stanley (Morgan Stanley) say key research results are expected to be released in November for vaccine candidates for use by health care workers. A vaccine programme led by pharmaceutical companies AstraZeneca PLC (AstraZenecea), Moderna Inc and Pfizer Inc (Pfizer) has begun large clinical trials to determine whether its vaccine candidates can prevent novel coronavirus infection.

This month, Moderna Inc's chief executive said that if their vaccine is effective, people at higher risk of infection will be given priority, while young and healthy people are expected to be vaccinated by next spring.