Mary Alice Reporting – An annual meeting was held recently to discuss business strategy and economic analysis.
At the Tuscarawas County Economic Development Corporation conference, held in Dover, the featured keynote speaker was Michael Weidokal, Executive Director of International Strategic Analysis.
He started off the discussion with a look at 2022, which he said ended on a positive outlook.
“Three of the four largest economies of the world reported higher than expected growth. US economy grew by 2.1-percent last year and it was driven by an increase in consumer spending toward the end of the year. Consumer spending accounts for two-thirds of the US economy.”
Heading into 2023, the potential for a recession still looms as Weidokal said the US is at about a 50-percent risk but there is still some optimism, specifically on the consumer side.
He also gave an overview of what is needed to bring in economic growth to the local region, such as attracting skilled and unskilled individuals.
“We need to improve our position in key section of industries. Think about the industries that are going to grow in the future, like healthcare. We have massive investment in EV. This is a region that’s actually starting to really improve their footprint in these industries and that’s a reason for optimism.”
One member in attendance questioned the future look for companies’ related to hybrid workplaces.
“I’m convinced that method is here to stay. Young people have more power than ever looking for jobs and one thing they want is flexibility and that includes where they work. The old way of working is done for most industries, for most businesses.”
He encouraged businesses and individuals to be prepared by keeping up with possible future economic changes.
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