The hospitality industry was one of those hit hardest by the pandemic, with hundreds of thousands of people losing their jobs or missing out on seasonal employment.
Trade association UK Hospitality said almost 700,000 were affected.
Ramsay told Balls business was "on its a** but it's getting better".
"It's been devastating the last two years. Landlords don't say, 'Take a holiday for two years'. But I think what has been evident for all of us is the crap's gone."
When pressed on whether he was talking about particular restaurant chains, the chef said, "Well, just s***holes in a prime position and taking advantage because they're in a great location, and they've got the footfall. But now we've wiped the slate clean, which is good."
He added that customers had become much smarter in the past two years.
"They know a lot more about food than they ever have done and have been making their own sourdough, so it's taught everyone [in the restaurant industry] to raise their game … It's wiped the arrogance from the industry."
The celebrity chef also defended his controversial lockdown trip to his home in Cornwall as it gave him precious time with his children.
He said: "We got there at an appropriate time and had an absolutely amazing time. And a time like that – we'll never get back again.
"When the kids started disappearing again, I didn't want it to end – as a dad, not a chef."
