With the economy recovering at a faster-than-anticipated pace, investors are now hunting for stocks that will benefit from the rapid economic rebound and sustain their growth for the foreseeable future. We think Canadian Natural Resources (NYSE:CNQ) and Foot Locker (NYSE:FL) have strong growth prospects and the ability to perform well in the second half of 2021. So, these two stocks could be solid bets now. Read on.As the economy recovers from the pandemic blues and factories resume operations at full capacity, most industries are projected to quickly return to pre-pandemic levels. A faster-than-expected vaccination drive, higher consumer spending and government stimulus packages are expected to further boost the economy. According to the IMF, global economic growth is projected at 6% in 2021, moderating to 4.4% in 2022.
To increase GDP growth, the U.S. government is coming up with new strategies to generate a positive outlook by consumers and businesses. In Federal Reserve Chairman Jerome Powell’s recent statement, he asserted that although inflation appears to be more persistent than anticipated, the Central Bank is prepared to use its price stability tools to keep it around 2%.
Against this backdrop, investors are looking for companies that will profit from the fast-paced economic recovery. Given this, we think shares of fundamentally sound Canadian Natural Resources Limited (CNQ) and Foot Locker, Inc (FL) could be good bets now.