Economic projections and forecasts are a funny exercise. Trying to predict how the economy will look in the future is certainly a worthy effort, and many professionals’ lives are centered around figuring out what comes next for business and industry.
Economic projections and forecasts are a funny exercise. Trying to predict how the economy will look in the future is certainly a worthy effort, and many professionals’ lives are centered around figuring out what comes next for business and industry.
WBJ Editor Brad Kane
Yet, economic forecasts like the one comprising the focus on this edition are mere snapshots in time. WBJ has been publishing an end-year Economic Forecast for the coming year since before I became its editor in 2015, and last year we added a Midyear Economic Forecast in the wake of the sudden changes in the economy in early 2023. Major economic changes like a worldwide pandemic, a bank collapse, or spiking inflation can happen at almost any time, so predicting the economic future of the next six months, 12 months, 16.5 months, or 23 months largely involves taking current trends and extrapolating them out for a set time period in the future, assuming no major surprise economic disruptions occur.
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WBJ’s Midyear Economic Forecast includes a survey of WBJ readers about their feelings on the economy, as well as Staff Writer Eric Casey’s story “Not feeling the vibecession” about how economists and business leaders are optimistic about the Central Massachusetts economy, even if consumers aren’t.
Beyond the economic forecast, Staff Writer Mica Kanner-Mascolo sat down with the owners of three LGBTQ+friendly bars in Worcester for her “Providing a safe space” story. Kanner-Mascolo looks at how UMass Memorial Health is fighting the problem of burnout among healthcare providers in her “Keeping nurses in the field” story. Casey, meanwhile, looks at a new Massachusetts effort to diversify the real estate development profession and address the housing crisis in his “Developing equity”.
The economy is happening around us, at all times. Yes, it’s important for businesses to understand what may come in the future, but it’s also important to address the issues of the here and now. Solving those problems effectively does create a more prosperous future.
