December 29, 2021
Are you ready for 2022?
Most of us would probably agree that 2021 has been another year of confusion, chaos, and fear of the unknowns.
The Covid-19 global pandemic would not go away, and it has continued to cause havoc with our personal and working lives in so many ways. Did someone say supply chain issues?
Yet, we all adapt to the changing landscape, don’t we? For example, many of us have become accustomed to remote workspaces combined with hybrid dress codes (business shirts and beach shorts) for video conference meetings.
New Year’s Resolution
We are quickly approaching 2022, and millions of people will make New Year’s resolutions, hoping to ignite constructive change in their lives. The habitual topics each year include a more dedicated approach to health and fitness, improved finances, improved mental wellbeing and learning new things for personal and professional development, to mention a few.
However, despite the very best intentions and commitments, many people struggle to make good resolutions and plans. According to a study published in the Journal of Clinical Psychology, only 46% of people who made New Year’s resolutions were successful. That means over half of the people who set a goal for the new year will fail! Alternatively, it means nearly half of the people will succeed!
So now that we know we have almost a 50% chance of success, we can go and purchase that new electric bike or sign up for a premium membership at that five-star fitness club, or whatever else you have decided to be your path to a better you, and a happier 2022.
Nevertheless, before we rush out and make some financial outlays and commitments, maybe we should first check the economic outlook is like for the coming year.
2022 is not looking too bad
All in all, it is not looking too bad, the American economy should remain healthy in 2022 thanks to substantial corporate profits and robust consumer spending, but inflation pressures and other headwinds will likely challenge growth – find more details on this article from The Economist.
Most economists agree is that 2022 will be slower than 2021, with next year’s expansion estimated to be around 4%. When considering the economic performance of 2022, it is only natural to compare it to 2021 and 2020. However, these were exceptional years due to the impact of the COVID-19 pandemic. Growth of 4%, compared to 6% for 2021, would still be robust by the standards of the past few decades. Amazingly, the overall size of the American economy would then end the year almost exactly as large as was predicted in 2019.
We are counting down with you
The year 2021 may be a personal experience that many people do not want to relive and would prefer to forget, so let 2022 bring on a renewed motivation. Whether it be a personal resolution or a new business venture, the Turner Group wishes you and all our partners and friends …. a fantastic 2022!