Global Economic Optimism Grows
Randy Wolken, President & CEO

For the first time in more than a year, global executives are more positive than negative about conditions in the economy. In the latest McKinsey Global Survey on economic conditions,¹ respondents share brighter views about the current state of their own countries’ economies and the world economy, as well as an increasingly optimistic global outlook. While geopolitical instability and inflation still predominate as risks to both domestic and global growth, respondents note some emergent risks to growth in the world economy. Their responses also suggest an evolving perspective on the interest rate environment, with the smallest share of executives since June 2021 expecting their countries’ interest rates to increase.

Global industry leaders cite geopolitics and inflation as top risks to global growth and respondents have identified some newly emerging threats. The percentages citing income inequality and transitions of political leadership have all grown since our March survey, while the percentages concerned about financial-market volatility and inflation (which remains a top two risk) have ebbed.

The global economy appears to be improving, which is good news for our members. With Upstate New York becoming a prime location for advanced manufacturing investment and growth, we stand to benefit from a growing world economy. Of course, this also increases the need to add staff and train them. MACNY is the recognized leader in training and apprenticeship programs for manufacturing. Please let us know if you would like to schedule a time to discuss your needs and how we can be of help. For help filling training needs contact Kelly Hyland, Training Manager, at [email protected] and for Registered Apprenticeship opportunities visit www.nysapprenticeship.org and/or contact Amy Stage, Director of Apprenticeship & Workforce Development, at [email protected].