How hopeful are you feeling about 2023, on a scale of 1 to 10? Please reply to my message and let me know.
Over the past few weeks, there have been a ton of stories about recessions, layoffs, and market anxieties. And what we need to do to prevent the worst from happening. It is wise to make preparations and reef the sails before the storm hits. Are we going too far, though? Were we being too pessimistic?
It's common for people to try to predict and get ready for the worst. But I believe it sometimes causes us to behave as though the worst-case scenario is a given. What if we're not creating enough space for favorable events to occur?
Although there is a serious possibility of a recession in 2019, it is only a projection. The likelihood of a recession within a year is 63% according to a Wall Street Journal survey of economists. However, Goldman Sachs estimates that the likelihood of a recession in 2023 is only 35%. Nobody can predict the future with certainty, but it doesn't appear that a recession is imminent.
Although there have been a lot of recent layoffs, they are not widespread. We still have a chance to avert a recession or merely face a slight drop, more so if inflation has indeed reached its peak. (Crossing my fingers!) Even though there are sure to be rough seas ahead, particularly for those laid off, I want to draw attention to several hopeful signals as we approach the end of the year:
First encouraging sign: According to the most recent figures, the U.S. economy expanded by about 2.9% in the third quarter. Second encouraging sign:
According to economists, the economy will expand once more in the fourth quarter.
Thirdly, there is a chance that the Fed would soon slow down its rate of interest rate increases. It's true that as 2023 draws closer, we still face difficulties. We very likely have more turbulence in store for us. However, let's make room for hope and optimism.
Additionally, good things are in store. Before I finish, I wanted to mention a few more positive developments for 2022:
We discovered that between 1993 and 2021, child poverty in the US fell by 80%.
Researchers have found a method to detect infants at risk for sudden infant death syndrome. The first Congressman from Generation Z was chosen by 7 voters. On the Georgian coast, sea turtles laid a record number of nests. What other fantastic events occurred this year? What encouraging news do you have for me?
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