Skip to main content
JP Morgan Asset Management - Home
Financial Professional Login
Welcome
Log in for exclusive access and a personalized experience
Log in Sign up
Benefits of creating a free account
  • Customize our Guide to the Markets and unlock bonus slides
  • Utilize our award-winning Portfolio Construction and Retirement Planning Tools
  • Access expert commentary from Dr. David Kelly and more...
Hello
  • My Collections
    View saved content and presentation slides
  • Products
    Overview

    Products

    • Mutual Funds
    • ETFs
    • SmartRetirement Funds
    • 529 Portfolios
    • Alternatives
    • Separately Managed Accounts
    • Money Market Funds
    • Commingled Funds
    • Featured Funds

    Asset Class Capabilities

    • Fixed Income
    • Equity
    • Multi-Asset Solutions
    • Alternatives
    • Global Liquidity
  • Investment Strategies
    Overview

    Tax Capabilities

    • Tax Active Solutions
    • Tax-Smart Platform
    • Tax Insights
    • Tax Information

    Investment Approach

    • ETF Investing
    • Model Portfolios
    • Separately Managed Accounts
    • Sustainable Investing
    • Commingled Pension Trust Funds

    Education Savings

    • 529 Plan Solutions
    • College Planning Essentials

    Defined Contribution

    • Retirement Plan Solutions
    • Target Date Strategies
    • Retirement Income
    • Startup and Micro 401(k) Plan Solutions
    • Small to Mid-market 401(k) Plan Solutions

    Annuities

    • Annuity Essentials
  • Insights
    Overview

    Market Insights

    • Market Insights Overview
    • Guide to the Markets
    • Quarterly Economic & Market Update
    • Guide to Alternatives
    • Market Updates
    • On the Minds of Investors
    • Principles for Successful Long-Term Investing
    • Weekly Market Recap

    Portfolio Insights

    • Portfolio Insights Overview
    • Asset Class Views
    • Taxes
    • Equity
    • Fixed Income
    • Alternatives
    • Long-Term Capital Market Assumptions
    • Multi-Asset Solutions Strategy Report
    • Strategic Investment Advisory Group

    Retirement Insights

    • Retirement Insights Overview
    • Guide to Retirement
    • Principles for a Successful Retirement
    • Retirement Hot Topics

    ETF Insights

    • ETF Insights Overview
    • Guide to ETFs
    • Monthly Active ETF Monitor
  • Tools
    Overview

    Portfolio Construction

    • Portfolio Construction Tools Overview
    • Portfolio Analysis
    • Model Portfolios
    • Investment Comparison
    • Heatmap Analysis
    • Bond Ladder Illustrator

    Defined Contribution

    • Retirement Plan Tools & Resources Overview
    • Target Date Compass®
    • Heatmap Analysis
    • Core Menu Evaluator℠
    • Price Smart℠
  • Resources
    Overview
    • Account Service Forms
    • Tax Information
    • News & Fund Announcements
    • Insights App
    • Webcasts
    • Continuing Education Opportunities
    • Library
    • Market Response Center
    • Artificial Intelligence
    • Podcasts
  • About Us
    Overview
    • Diversity, Opportunity & Inclusion
    • Spectrum: Our Investment Platform
    • Media Resources
    • Our Leadership Team
  • Contact Us
  • Role
  • Country
Shareholder Login
Hello
  • My Collections
    View saved content and presentation slides
  • Log out
Financial Professional Login
Welcome
Log in for exclusive access and a personalized experience
Log in Sign up
Benefits of creating a free account
  • Customize our Guide to the Markets and unlock bonus slides
  • Utilize our award-winning Portfolio Construction and Retirement Planning Tools
  • Access expert commentary from Dr. David Kelly and more...
Log out
Search
Menu
Search
You are about to leave the site Close
J.P. Morgan Asset Management’s website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you. J.P. Morgan Asset Management isn’t responsible for (and doesn't provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan Asset Management name.
CONTINUE Go Back
  1. The post-COVID world comes into focus

  • LinkedIn Twitter Facebook Line WhatsApp
siag-2023-hero-banner-1408x480px

The post-COVID world comes into focus

In a post-COVID world, some shocks have faded while others will likely endure. These changes will influence investing decisions for years to come.

Download the full report

Download the chartbook >

Post-COVID changes will require significant adaptation – by individuals, firms, and policymakers.

We are struck by the impressive resilience of the global economy. But a return to normalcy is not an "all clear."

How COVID changed the landscape for investment and capital allocation

As the COVID era recedes, we can assess which pandemic shocks have faded and which will likely persist. The more we can clearly perceive these long-term changes, the more effectively we can allocate capital for the future.

The more permanent impacts of COVID will likely include:

  • Workplace technology will match labor and capital at a distance

  • Supply chains will become more diverse and resilient

  • To bring inflation back to target will require below-trend growth

  • Dense urban business districts will evolve or decay

  • Companies will see the benefits of positioning, pricing and policy support

Learn more

How COVID-era birth, death, migration and participation rates affect labor and inflation

The lingering effects of the COVID pandemic on the labor supply and economy are not directly related to mortality, though millions of deaths caused incalculable human suffering. The impacts are indirect – but may be long-lasting.

  • COVID mortality did not affect the labor supply (most victims were not working); rather, COVID shrank labor supply through:
    • Surging early retirements
    • Long COVID’s impact on workers
    • Temporarily lower birthrates that will affect labor later
  • Lingering impacts (and constrained immigration) should push up wages
  • Flexible workplace tech may ease some pressures

Learn more

The visible hand: Government is playing a stronger role in the economy

Post-COVID, fiscal policymaking has a more expansive vision of government intervention in the economy. A range of unprecedented supports are now in place.

  • COVID kickstarted unprecedented fiscal support, across developed economies
  • Support surged for health care, businesses and consumers, through central bank- financed deficits
  • Public spending is proving lasting on:
    • Medical research
    • Infrastructure
    • Shoring up valuable industries and supply chains
    • Subsidies designed to attract private capital

Learn more

COVID rippled through work and home life, affecting offices, supply chains and housing

Work-from-home, an interim solution, proved lasting; rising e-commerce means deliveries to 150 million doorsteps; and demand for homes is surging during a shortage. What lies ahead for offices, supply chains and housing?

    COVID’s impacts include:

  • Obsolete office buildings have grown less viable vs. amenity rich “trophy” assets as hybrid work patterns have taken hold

  • Rising e-commerce requires massive warehouses at ports and highways, and logistics facilities near populations.

  • An ongoing housing shortage has put home buying out of reach for many younger adults, while creating an investment tailwind in single family rentals.

    Learn more

Learn more

Authors

Stephanie Aliaga, Kevin Bedell, Alex Bell, John Bilton, Andrew Brill, Nicole Byrd, Chris Ceraso, Luigi Cerreta, Eric Li Cheung, Jason DeSena, Kris Erickson, Peter Epstein, Mark Ferguson, Jake Fowler, Greg Fowlkes, David Gao, Jared Gross, Kay Herr, Danielle Hines, Dr. David Kelly, David Lebovitz, Tony Manno Jr., Godwin Marfo Ahenkorah, Natasha May, Andrew Norelli, Sagar Rastogi, Katarina Roele, Jeff Roskell, Anya Schiess, Pulkit Sharma, Sylvia Sheng, David Small, Iain Stealey, Thomas Stoegner, Catie Tsao, Karen Ward