If the coronavirus is kept under control, franchising is expected to grow to the levels before the pandemic in 2021. According to the International Franchise Association, expectedly there will be a growth in the number of franchised locations (over 26,000 will join the industry).
Employment will also see a growth over 10% (equal to about 8.3 million workers). In the same fashion, the IFA forecast indicates the adverse effect by the pandemic will be gone, predicting an estimated increase up to 7% in franchise sector’s GDP and franchising output growth 16.4%.
The expansion will result from factors including vaccination, curbing the pandemic and growing demand. The rebound also comes from the administration plan to aid small businesses along with large companies.
The administration’s $1.9 trillion aid program will be a huge support for small businesses hurt badly by the pandemic. Restaurants will be granted $25 billion if Congressional Democrats manage to work it through.