U.S. investment bank JP Morgan predicted on Wednesday that 2022 will mark the end of the coronavirus pandemic and see a full global economic recovery.

The bank’s outlook report for next year said new vaccines and therapeutics would result in a “strong cyclical recovery, a return of global mobility, and a release of pent-up demand from consumers.”

Marko Kolanovic, its Chief Global Markets Strategist & Co-Head of Global Research, said the bank expected the U.S. S&P 500 (.SPX) to rise nearly 8% to 5050 points, emerging market stocks to surge 18% and 10-year U.S. Treasury yields – a key driver of global borrowing costs – to rise to 2.25% by the end of 2022.

“Our view is that 2022 will be the year of a full global recovery, an end of the pandemic, and a return to normal economic and market conditions we had prior to the COVID-19 outbreak,” Kolanovic said.