WBJ decided to publish a Midyear Economic Update on the local business community, to see how all the major events so far in 2023 impacted people’s feelings about the rest of this year.
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I’m not an optimistic person anymore. When I was younger and in my early years as a journalist, it was easier to see the brighter side of things, as I believed everything would work out as it should, curving toward the betterment of all.
Today, though, I’ve seen too many recessions, politicians peddling half-truths and lies to get what they want, bigger organizations bullying smaller ones, executives making short-term financial decisions to benefit themselves, and structural injustice keeping down underserved populations. I no longer believe everything will work out for the better.
Yet, I’m optimistic about the Central Massachusetts economy in 2023 and beyond.
For this edition, WBJ decided to publish a Midyear Economic Update on the local business community, to see how all the major events so far in 2023 impacted people’s feelings about the rest of this year. The heart of this effort is the results of the Midyear Economic Survey. Following up from WBJ’s year-end survey in December, this midyear gauge shows WBJ readers are significantly more pessimistic about the economy now than they were a few months ago. The results aren’t all doom and gloom, but 2023 hasn’t instilled more confidence in the Central Massachusetts business community. It appears we’re all just counting the days for this long-awaited recession to drop.
However, I see the light at the end of the tunnel. We’re not out of the woods yet, but after nearly two years of talk about a potential major recession, I don’t see it happening. The labor market has remained strong all this time. Inflation might finally be getting back under control. The stock market is nearing new peaks. Central Massachusetts is still awash in development proposals and people wanting to buy real estate here.
There will certainly be turmoil. Even in strong economies, pain points rise to the forefront. Right now, everything is really far from perfect, but I’m no longer waiting for the other shoe to drop. Everything is going to be ok.
