This situation will have a positive impact on the economy in a short time.
This is what happened in Brazil before the third wave hit that country. When the number of daily new infections decreased, the authorities in Manaus and some of the other cities declared that the pandemic is under control and no one needs to wear masks. And within a few weeks, the third wave hit Brazil, which caused tens of thousands of deaths. I would say that it will be foolish to claim that the pandemic is over, unless a large part (60% to 70%) of the population is fully vaccinated against COVID 19.