June 22, 2020 / 8:20 PM / 15 days ago

Ackman sees economy recovering in 2020, true confidence will take time to return

BOSTON, June 22 (Reuters) - Billionaire investor William Ackman, whose hedge fund survived a historic stock market sell-off with double-digit gains, said it will take until the middle of 2021, at least, for the economy to shake off the worst effects of the coronavirus outbreak.

“We will begin recovery by year-end,” Ackman said at the Bloomberg Invest Global Conference on Monday, but said the economy won’t return to anywhere near normal before the middle of 2021. “Confidence won’t return until people feel truly safe,” he said, adding that a vaccine for the virus, which has killed roughly 120,000 people in the United States, would make an enormous difference.

Reporting by Svea Herbst-Bayliss; Editing by Leslie Adler

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