ITR Economics is the oldest, privately-held, continuously operating, economic research and consulting firm in the US.
ITR Economics has been talking about the coming 2030s Great Depression since the 2014 release of the book “Prosperity in the Age of Decline.” Now, 10 years later, many people are still unaware of the challenges the next decade will bring.
Many will be caught off guard by the coming depression. If they do not have plans in place, individuals and their businesses will face serious trouble in the 2030s. Here are just a few of the key reasons why being aware of the upcoming Great Depression will be vital for your success in navigating it.
You Will Not Get Caught in the Moment
Following the mild recession we are forecasting for 2024, there will be good economic times ahead for the rest of the 2020s. In this time of economic growth, many will get caught up in simply enjoying the ride up, like an escalator that never ends. But the economy is more like a rollercoaster; there is always a peak and a trough in the business cycle.
It is human nature to live in the moment, but business leaders who go along as if the good times are here to stay are going to be hit harder in the 2030s. This could lead to troubled times for their employees as well.
It is important to note that in times of economic decline, the inverse of the above can also happen. As companies navigate through a recession or depression, CEOs and executives can develop a gloomy outlook for the future and feel depressed, which can bring down the morale of all their employees.
By looking at our forecasts, seeing the future, and knowing what is ahead, you can put plans in place to capitalize on the economic growth in this decade. You can make effective plans to operate throughout the depression and build a strategy to capitalize on the opportunities that will follow the depression. You will not be caught off guard at any stage.
You Will Not Fall for the Recovery ‘Fake-Outs’
ITR Economics is projecting that the next Great Depression will begin in 2030 and last well into 2036. However, we do not expect a simple, completely downward trend throughout those years. There will be signs of slight growth that pop up during this period. Many will mistake these for the onset of a sustained recovery, only to be crushed by the false hope.
These false signals could be demoralizing for anyone. To get your hopes up due to false signs and to then have those hopes dashed could open you up to negative thinking. This attitude could impact the team behind your business and ultimately lead to a collective despair – an underlying belief that the depression will never end. With such a mindset, you will be too focused on the negative and miss out on the opportunities that will come down the line.
By knowing the timeline that ITR Economics is forecasting for the 2030s, you will know what the real signs of recovery are so you can have a sound strategy to deploy when the economic recovery begins.
You Will Stay Optimistic Throughout the Depression
Even with plans in place, the 2030s will not be a walk in the park. It will be a difficult time for many, with or without a strategy in place. However, with successful planning, it will be easier to stay optimistic throughout the 2030s, as you will know when the bad times will end. In addition, you will be positioned to focus on markets that will still rise, or at least decline relatively less severely, during the downturn.
As a business leader, you will need to have a strong plan in place and communicate and reinforce that plan to your team as often as necessary. At the same time, you will need to remain flexible and communicate any adjustments that have to be made.
By maintaining a communicative and optimistic spirit throughout the depression, you will benefit your team immensely; employees feed off the energy and confidence of their leadership.
Helping businesses plan for the future and navigate the economic ups and downs is what ITR Economics does best. Preparing for the 2030s Great Depression starts with a full awareness of what the next decade will bring. If this is the first time you are hearing about the next economic depression, reach out to us to see how we can help you prepare yourself, your family, and your business.