2023 Economic Outlook Recap: Preparing for the Uncertain

Uncertainty is formidable, unreliable, and even more so, unpredictable.

The global economic outlook is clouded with uncertainty. Demand volatility brought about by the pandemic and skyrocketing consumer prices cause some economists to point toward a recession in 2023–and consumers are seeking to find answers to plan for tomorrow.

Determined to provide answers, MJ Insurance, ProCourse and FORVIS (BKD + DHG Merger) partnered to provide a half-day seminar, Future in Focus: 2023 Economic Outlook, on Wednesday, August 03, 2022, dedicated to providing attendees with expert perspectives on the future of the U.S. economy and supplying planning tips to allow those to move forward with confidence.

To begin our seminar, industry experts from MJ, ProCourse and FORVIS informed attendees of important industry updates relative to their business. As our teams began to share our outlook for 2023, we became more aware of an overarching theme: How to Become Better Prepared. Whether the focus is on the steady rise of cyber premiums within Property and Casualty insurance or the continuous roll-out of legislative acts that protect employee financial wellness, we discovered that the importance of educating and protecting your employees will become the utmost-highest priority for businesses in 2023.

Following industry updates, guests gained insights from Economist Connor Lokar of the Institute for Trend Research (ITR). His presentation projected future changes in the economic landscape. By assessing the health of financial market trends, Connor was able to present the impact that these can have on your business and provided ease on how you could navigate the future with assurance.

The burning question for most businesses is, ‘Are we currently or soon-to-be in a recession?’. According to the team at ITR, yes, we are entering a recession. So, what does this mean? When it comes to business cycle factors such as consumer impact, global GDP and the timeliness of the Covid-19 pandemic, Analysts and Economists at ITR found that while the current economy is not as close to the 2008-09 recession, a few of the contributing elements are mirroring factors of a lesser magnitude.

Even though we cannot prepare for all of the uncertainties the future holds, we hoped to provide businesses with expert insight to help better plan for tomorrow.

To watch the seminar and hear directly from our speakers and presenters, please refer to the button below to view the on-demand seminar video.