Stimulus, infrastructure spending and vaccines could fuel an economic boom into 2023, he tells shareholders in his annual letter

The leader of America’s biggest bank said the U.S. economy is emerging from the coronavirus pandemic into a boom that could last until 2023.

In his annual letter to shareholders Wednesday, JPMorgan Chase & Co. Chief Executive Jamie Dimon said strong consumer savings, expanded vaccine distribution and the Biden administration’s proposed $2.3 trillion infrastructure plan could lead to an economic “Goldilocks moment”—fast, sustained growth alongside inflation and interest rates that drift slowly upward.

Mr. Dimon’s outlook is decidedly rosier than it was a year ago, when he warned shareholders to brace for a “bad recession” in which U.S. gross domestic product could fall by up to 35%. He wrote last year’s letter just weeks after he was rushed into emergency surgery to repair a life-threatening heart injury, and the U.S. went dark to stop coronavirus from spreading.

The U.S. government’s rapid and deep monetary and fiscal intervention over the past year helped prevent many of the worst outcomes, said Mr. Dimon, who has since made a full recovery from the aortic tear he suffered in March 2020.

“It’s a lot of money, and it’s bound to cause a booming economy,” he said in an interview with The Wall Street Journal. “Shame on us if we don’t use that growth to help those who need it most.”