Dr. Kieran McQuinn:

It depends on how that is defined. For example, unemployment dipped below 5% last January or February just before the pandemic. Our expectation is that it will be at least 2023 before we get back to that rate of unemployment. Our forecast is that the unemployment rate will be approximately 10% at the end of this year, falling to approximately 6.5% by the end of 2022. As such, re-emergence will happen in 2023 in terms of unemployment, but we see there being significant growth in the economy at the end of this year and throughout next year.