Renowned investor Warren Buffett praised the economy at Berkshire Hathaway’s annual meeting, saying it has been “resurrected" after taking a heavy blow from the coronavirus pandemic. 

The economy is "resurrected in an extraordinarily effective way" from the COVID-19 stimulus provided by Congress, Buffett said, Reuters reported.

The first-quarter profits for the company went up by 20 percent, making around $7 billion. 

ADVERTISEMENT

Buffett said 85 percent of the economy is in “super high gear” and the stimulus “did the job.”

Congress passed the almost $2 trillion stimulus plan in March that gave support to many areas of the economy and direct stimulus payments to the American people.

In March, personal income went up more than 21 percent and consumer spending went up 4.2 percent.

At the end of March, Berkshire had more than $145 billion in cash.

Buffett made his comments about the economy at an annual meeting that was held in Los Angeles on Saturday, according to Reuters.

The net income, including investments, at the end of the first quarter for the company was $11.7 billion.

The surge in the economy and Berkshire Hathaway was due to not only the stimulus check but also more people getting vaccinated and states loosening their coronavirus restrictions.

The U.S. has more than 100 million people fully vaccinated, and many states have lifted restaurant capacity limits and other COVID-19 restrictions.