Although things are starting to return to normal as of June 15th (see blog post), loosened alcohol sales and consumption laws will remain in effect for the remainder of 2021.
The International Monetary Fund (“IMF”) expects a three percent negative change in worldwide Gross Domestic Product (“GDP”) for the year 2020. They estimate this will be the worst recession since the Great Depression. Estimates shows that GDP in the USA is expected to decrease 5.9%, signaling the second highest drop in combined economic growth; Europe is expected to experience a slightly smaller decrease in GDP.
Though this is unfortunate, there is good news. Firstly, GDP growth is expected to return in 2021, though not as fast in the U.S. as in other advanced economies. Secondly, there are tax vehicles available which can protect your assets and decrease tax burdens while the market rebuilds.
See more info at https://blogs.imf.org/2020/04/14/the-great-lockdown-worst-economic-downturn-since-the-great-depression/ or contact us here at Burton Law Firm.