Economic outlooks provide necessary insights that help guide companies as they make financial decisions regarding the future of their businesses, and the 2022 economic outlook is no different. Prospective operating activities such as hiring, manufacturing and distributing are often dependent upon economic forecasts.
Consumers worldwide are already feeling the result of increased demand, supply chain shortages, and rising inflation in the form of elevated prices on everyday goods and services such as groceries and gasoline. Yet, in spite of recent inflation, economists predict that the global economic recovery will continue and that the global GDP will increase by 4.7% in 2022.
No matter the economic forecast, DFS can help you build resiliency, embrace new ways of working and deliver success from anywhere. By partnering with DFS, you not only benefit from their resources and experience, but you can deliver better service to your customers by offering them a wider variety of different types of printed materials and be seen as a solutions provider.
Exactly what is economic forecasting?
Economic forecasting involves trying to predict or anticipate future economic conditions. This is done by using a combination of various economic variables and indicators. Businesses, including the print industry, rely on economic forecasts as a guide to plan for future decision-making such as hiring, manufacturing and distributing.
Global Economic Recovery Continuing
Supply chains, bottlenecked by closures, labor shortages, and a surge in demand, have contributed to price increases. These rising prices are a leading economic concern cited by a majority of adults, with a recent poll from the Pew Research Center indicating that 63 percent of adults say that they are very concerned about rising prices for food and consumer goods, and another 30 percent saying they are somewhat concerned by the rising prices.
Inflation is a global concern, with companies in every industry seeing higher costs across the board for everything from raw ingredients to labor. Inflation rates have emerged as a similar pattern for many nations, specifically relatively low inflation before the pandemic, followed by flat or falling inflation, and then rising inflation by the middle of 2021 as the economy began to recover.
Data from the Organization for Economic Cooperation and Development (OECD) indicates that even within advanced economies, the economic recovery is uneven, with inflation rates varying by country. For example, out of 46 countries examined, the U.S. had the eighth-highest annual inflation rate in the third quarter of 2021.
The 2022 Economic Outlook
Bolstered by strong consumer spending as well as many businesses that were able to maintain a high level of activity, the global economy is set to grow by 5.6 percent in 2021, generally surpassing early expectations. Looking ahead to 2022, the global economic recovery is not only expected to remain on track, but JPMorgan Chase is forecasting both continued growth for the stock market and that 2022 will see a return to normal economic conditions.
Growth Outlook for the Print Industry
In 2020 the Global Commercial Printing Market was valued at USD 411.99 billion, and it is projected to be worth USD 472.35 billion by 2026. While the pandemic had a profound disruption on some areas of the print industry, namely newspaper printing, and magazines, promotional printed materials saw increased demand from the retail, food, and beverage industries. Print businesses can set themselves up for greater success by widening the variety of products and services they offer to their customers. One of the easiest ways to do this is by partnering with an outsourcing company.
When you partner with DFS, there are no upfront costs, allowing you to expand your print business with jobs atypical to your normal offerings. Your company will benefit from industry experts who can expand your print business with a wide variety of eye-popping, full-color products as well as business essential products like checks and forms. Plus, with DFS, you’ll get award-winning customer service and support.
Adopting a Growth Mindset
A key way that business leaders can prepare for 2022 is by adopting a growth mindset. These leaders believe that people have the ability to develop their talents and abilities, equating learning with effort and believing that as long as they keep trying, they will improve. For a business, the ability to adopt a growth mindset can help leaders see opportunities, even during times of crisis. Leaders with a growth mindset value potential and work with their employees to overcome challenges, creating a healthy culture of accountability and driving business growth.
Make 2022 the year you embrace new ways of working and pursue new business opportunities. Let DFS help you achieve maximum productivity and drive long-term business success. We take the burden out of outsourced printing services, so you can spend more time innovating, marketing, and expanding your business. Contact us today to be matched with a DFS business advisor.
Key Takeaways
- Economic forecasts provide insights that help companies make financial decisions regarding the future of their businesses.
- The economic outlook predicts that the global GDP will increase by 4.7% in 2022.
- A growth mindset can help business leaders see opportunities.
- Print businesses can set themselves up for greater success by widening the variety of products and services they offer to their customers.
- DFS can help you build resiliency, embrace new ways of working and deliver success from anywhere.
