2025 Economic Forecast: Insights from Dr. Mark Schweitzer

MAGNET Dec 3, 2024 9:47:30 AM

Econ Forecast 5

Forging the Future: Celebrating MAGNET's 40th Anniversary

On November 14, 2024, MAGNET hosted the annual Economic Forecast, sponsored by Case Western Reserve University (CWRU) at the Tinkham Veale University Center. This much-anticipated gathering brought together business leaders, economists, and forward-thinking professionals to dissect the global and local economic trends shaping the coming year. With a focus on actionable strategies, the event was a must-attend for business leaders looking to navigate the year to come.

Grant Marquit, MAGNET's Leadership and Executive Education Lead, opened the event and set the stage for the keynote delivered by Dr. Mark Schweitzer, an esteemed economist with decades of experience. Known for his previous roles as Senior Vice President at the Federal Reserve Bank of Cleveland and Economic Consultant to the World Bank, Dr. Schweitzer is currently a Research Professor at CWRU's Weatherhead School of Management. His credentials and experience have garnered a comprehensive understanding of macroeconomic shifts and their local implications.

The Forecast: Key Takeaways

Dr. Schweitzer’s presentation broke down complex data into understandable insights. The forecast touched on several areas, including:

Supply Chain Dynamics:

Updates on how global economic changes are influencing supply chain reliability.
Tips for businesses to adapt to potential challenges in sourcing materials and goods.

Workforce Trends:

Projections on labor availability and its impact on manufacturing and other key industries.
Suggestions for businesses to attract and retain top talent in a competitive job market.

Navigating Economic Uncertainty:

Insights on factors like interest rates and their potential effects on business planning.
Practical advice on maintaining flexibility and resilience in times of change.

Engaging Q&A and Discussion

Following the presentation, the Q&A session allowed attendees to engage directly with Dr. Schweitzer. Questions ranged from the potential for reshoring in manufacturing to the role of emerging technologies in economic resilience. This interactive segment underscored the importance of collaboration and innovation while navigating uncertain times.