The term ‘economic uncertainty’ has an historical definition which has been modified due to the pandemic response. This article will cover the historical meaning and then its updated definition.
Economic uncertainty is a macro level term referring to the various circumstances that can impact the long-term economy. In 2020, the use of the term was slightly modified to refer to the shorter time period looking forward due to the coronavirus pandemic. The term is used in determining the outcome of payroll loans from the US government.