Global Geopolitical Instability Remains A Large Threat
Randy Wolken, President & CEO
Many things can impact economic growth. The most significant threat identified by CEOs for 2024 is geopolitical instability. The McKinsey Global Survey, completed in December 2023, identified this threat as the largest one for global growth for 2024, cited by 67 percent of executives. This comes as no surprise given the variety of global conflicts, including the Ukrainian and Gaza conflicts, along with continued terrorist attacks in the Red Sea and beyond. Also identified in the survey are growing concerns about transitions of political leadership during 2024.
However, fears about inflation have continued to recede, dropping from more than 30 percent in March 2023 to less than 20 percent at the end of the year.
This survey also asked CEOs what their most important priorities are for 2024—achieving robust and consistent growth, building unique and distinctive capabilities, and digitizing their companies came out ahead as the top tier of priorities. Generative AI was fourth on the list. Enhancing resilience was still a priority but ranked last on their list.
In the coming year, MACNY members will continue to see growth but remain concerned about global impacts that are well beyond their control. Planning for ongoing resilience seems to be a requirement. Lessons learned during the COVID pandemic with regards to improving supply chain resilience, investing in staff, and increasing use of proven technologies are mentioned by members companies.
Manufacturing remains the backbone of the Upstate economy and is poised to grow even more critical in the coming years. As MACNY’s celebrates our 111th anniversary this year, we stand ready to help in any way we can. Thanks for all you do to make our community a great place to call home.