For those concerned about the global economy, 2021 came as a sigh of relief. After the pandemic, the world was waiting for entrepreneurs to emerge and restart the dormant finances of the nations, great and small. Perhaps it was no great surprise to you or to anyone who grasps the nuances of the interdependent economies of the world that it has been the U.S. economy that stepped forward to restore direction and hope. While political leaders were rightly focused on health issues and major elections, American business leaders were reflecting, adapting and planning a resurgence that could result in the famous “U-shaped” economic recovery from the pandemic-induced recession. Whether it has been a surprise or not, the ensuing recovery has been just what the doctor ordered with free enterprise and largely the doing of American entrepreneurs.
The business leaders who have been instrumental in the resurgence of the economy tend to have led multifaceted careers. Many of them have had experience in a variety of fields, including finance and commercial industries, for instance, an entrepreneur like the President of JSS Transportation, Joseph Sarcona. Typically, these leaders are well-educated, have diverse backgrounds and are willing to take qualified risks. They never stop learning, especially when it comes to the needs of their clients and customers. They also tend to surround themselves with other motivated high achievers. This new generation of entrepreneurs has been exactly what the nation and the world needed to attack the stagnation brought about by the pandemic shutdown.
As the Washington Post noted in a recent article, the U.S.-led recovery left no doubt as to the business engine that drives the world’s economy. You may have heard that, for the first time since 2003, the U.S. has resumed world leadership in business growth, outstripping China’s stumbling economy. As the American financial picture has continued to improve, Europe’s issues actually deepened, caused by additional pandemic slowdowns in Great Britain, France, Italy and Germany. The startling financial boom brought about by American businesses infused the world economy with an amount of new capital roughly equal to the French annual GDP. It will be necessary for this resurgence to continue, since a great many underdeveloped nations, still suffering from the pandemic stoppage, depend on American commerce.
Of course, no economy is monolithic. The economic picture will always demonstrate that some industries and sectors are progressing more than others. So, what industries do economists foresee as being the most expansive in the near future with free enterprise?
As you know, economic recoveries are legendary for eventually petering out. Economists cannot help but gaze down the road and prognosticate as to when the current recovery will slow. The good news is that one major response to the pandemic has been the instigation of new businesses, the development of new entrepreneurs and an explosion of innovation. There is definitely a rise in free enterprise in New York happening right now.
While you may be tempted to think the current recovery is on a timer, the amazing incursion of new business models and creative leaders may sustain American economic growth well into the future.