CNBC reports that Richmond Federal Reserve Bank President Thomas Barkin said that the U.S. economy is recovering from the Covid-19 recession, but some economic “scarring” may take a long time to heal.

“I’m hopeful we’re on the brink of completing this recovery,” Barkin said.

“Vaccines are rolling out, case rates and hospitalizations are falling, excess savings and fiscal stimulus should help fund pent-up demand from consumers who’re exhausted by isolation and freed up by vaccines and warmer weather,” he added.

The U.S. economy contracted by 3.5% in 2020 compared to a year ago, estimated the Bureau of Economic Analysis. The Organisation for Economic Cooperation and Development or OECD said earlier this month that the U.S. economy is forecast to grow by 6.5% this year and 4% next year.