Business News, Views, and Tips

Are you prepared for the coming economic recovery?

The start of the new year is a boom time for prognosticators. Considering the onslaught that the pandemic wrought on the global economy the past two years, there must not have been a better time to have great economists and strategic planners on board. Their insights must come in handy for what’s next and how to grab such opportunities.

Based on what I have gathered for the Ridgewood Premier Hotel project near Bonifacio Global City (BGC) that I am working on, here are some highlights:

1. The Travel & Tourism (T&T) industry will start recovery this year or next. As a result, major hotel chains have announced new projects slated for opening in 2024 and 2025 in key cities worldwide. By then, the recovery would have been well on its way.

2. More and more countries are reopening. It’s a mixed bag, with some countries more open, while others, such as Singapore, have opened only to select partner countries. Nevertheless, with the US, UK and Europe opening their borders, airlines can start to heave a sigh of relief after posting huge losses since 2020.

3. With these reopenings and even with the new Covid-19 Omicron variant coming along — I believe nations are starting to treat the illness as endemic. It’s here to stay and we all just have to live with it.

4. There is still no announcement on the local front when the Philippines will open to travellers. The damage to a large portion of the South because of the super typhoon Odette is of course a heavy blow. Rebuilding will take time, but for the sake of our countrymen and women, I hope that the administration will work faster.

5. The local, regional and global economies will likely be on the way to recovery starting this 2022. Locally, an election boost is expected this Q2 and for the entire year, if the past election years are to provide any indication.

6. On a more personal matter — some reporters in the US have written about what they say is The Great Resignation. Many Americans are leaving or have left their jobs to start their own firms or to have more time for their families. Or to pursue their passion. This is not far from the tales I have heard locally, with plush bankers trading their jobs for a more stress-free life at the beach, for example. Or long-time journalists who are taking the plunge. If your organization is hit by more resignations than usual, how to cope? Life goes on.

After working comfortably at home for the past 21 months, are you ready to do more heavy lifting? It’s time to buckle down to work and start growing the business again.