Day two of the 2019 PSNI Supersummit began with a presentation titled “Understanding the Events That Are Impacting the Global Economy.” Presented by Dr. Alan Beaulieu, president and principal of ITR Economics, the talk covered the state of the global economy, trends to watch, and a look into the future of the economy.
Here are five relevant quotes from his presentation.
1. “In 2020, the economy takes off again. [Ask yourself] ‘What is it that I need for a global economy that’s going to take off in 2020-2021?’ The trick is that you don’t get discouraged in '19, and get ready for that hill in 2020/2021.”
2. “You’re not suffering from a lack of jobs; you’re suffering from a lack of people. You’re going to be facing wage-pressure for the next 11 years.”
3. “I know you’re technology driven, but make sure that your technology is attractive to [millennials]. When’s the last time you checked your website? Chances are if it’s attractive to you, it’s not attractive to them.”
4. “The U.S. is the second largest exporter in the world. It’s slowing down because global demand is going down, and it’s slowing down because of tariffs. Tariffs have hurt U.S. export. As we face retaliatory tariffs, it’s slowing down the numbers and it’s as simple as that. Nationalism is on the rise, and that’s where you find tariffs. It’s going to cost businesses on both sides money, and that means they have less to spend on [integration businesses].”
5. “The U.S. and the world move in sync, so what happens here is going to happen in your country, too. You’re going to love the 2020s—you’re going to make a lot of money and feel really happy. Then, around 2030, it’s going to crash.”
Bonus advice from Beaulieu: 2026/2027 is the best time to sell your business.