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These are the top two takeaways from the Business Roundtable’s 4Q CEO Economic Outlook Survey in which 83% rated more stimulus, especially to help struggling small businesses, as key.
“As we urge lawmakers to take action to defeat COVID-19 and help U.S. workers and small businesses recover in the short term, we look forward to working with the incoming administration and Congress on solutions to rebuild the economy and help Americans prosper in the long term,” said Doug McMillon, Chairman & CEO of Walmart and Chairman of Business Roundtable.
If Congress fails to pass a bipartisan relief package, it would be detrimental to the economy, according to Joshua Bolten, president and CEO of BRT. “Further delay in delivering relief will hurt millions of Americans and lead to more damage to our economy” he stated.
The BRT, which represents 15 million employees and about $7 trillion in revenue, saw an uptick in its CEO Economic Outlook Index which shows views on the economy are improving from pandemic lows.
Plans for hiring rose by 11.5 points to a reading of 58.1, slightly below the index's historical average, while plans for capital investment and expectations for sales rose above historical averages coming in at 84.0 and 116.4.
U.S. GDP is now expected to rise by 1.9% in 2021, according to the group’s first estimate.