Opportunities during Economic Recovery
For some time now I have had some interest in Economics and the global economic climate on a whole, especially after what some might debatably like to term as the second dip of the economic recession. So I came up with the idea of writing a post on:Opportunities during Economic Recovery, in which I basically intend to talk about the gloomy economic situation that exists for now and how in the ‘not so distant future’ there will be a full blown Economic Recovery and with that will come opportunities galore.
So if you are someone who is just beginning work or starting off with choosing a career field this might be of interest to you or allow you to see what opportunities might turn up post recession with full-blown economic recovery. Then this article is meant to be read by you. In my opinion this could be one of the best time to set one’s current and long-term goals, where one could ask himself/herself where they would like to see themselves in terms of their career and the economy as a whole with respect to their investments etc. in say 5 years time or for the long-term – 10 years time. A good insightful vision now could mean a fortune a decade and a half later once the economic recovery has been in an accelerated state for a few years by then.
Economic Recovery Time Frame:
USB and Citigroup forecast the Global GDP to grow at around 3.1% for the year 2011 and 3.2% for the year 2012 (August 2011 Forecast). With these predicted growth rates the global economy is slated to attain its pre recession or pre 2008 levels by the year 2016-2017 for sure, after what would have been a decade of economic downturn and a global economic crisis, thanks to the housing bubble burst followed by the banking credit crisis and the Euro zone sovereign debt crisis. Some might argue that to forecast a full-blown recovery by 2017 might be too optimisitc but there has been some positive economic data flowing in support, like increased consumer spending during June-July for both the US and the European economies.
What does this economic recovery projection mean?
The above economic projections could very well mean that there might be a full-fledged global economic boom, come in year 2017-2018. This period of economic boom being around 6 years away from today, presents us with a very good opportunity, especially if we fall within the age group from 16 to 24 years of age. We could align our personal vision so as to leverage the opportunities that may arrive in our hands at the time of economic recovery. We need to try gain an insight into what might be important to the economy in the coming years and work on bridging that gap between our own skills and the kind of skills that might be in demand in the industry that we are aligned to or want to be associated with. For instance being aligned to the IT sector myself I know that there’s a predicted shortage of global leaders in IT in a decade or so. I am working on developing my leadership skills and I try to leverage every opportunity that comes my way to sharpen and showcase those skills. Writing on the more technical aspect, Cloud Computing is expected to be the hot cake of the industry in coming years, so personally I have my eyes fixed on it.
In short what I am trying to say, is that, this isn’t a time to give into feeling the brunt of the economic crisis. This isn’t the time to surrender to things that aren’t in our control, what we all can do is look to the future where I see a lot of opportunities coming our way. Those who can master personal leadership and vision today will be the leaders tomorrow.
The Way ahead in a Booming economy
In the coming times, the post economic recession era, the booming economic era, there will be a lot of opportunities in various sectors. People with skills like good networking skills, good negotiation skills, leadership skills, multifunctional experience are expected to bag the most sort after jobs. Some sectors like finance, banking, technology etc. will be the wheels of growth for the recovering economy. Sectors like health care, education etc would always be vital for the community. Some of the sectors that might prosper as the economy recovers are :-
Health Care and Education: As the governments find their ways around tackling budget debts better, there would be capital flow to improve social conditions. Health Care already seems to have a shortage of workers globally, so it could be a lucrative career option for people who might be interested. Education sector would more or less stretch along the same as well. These could also provide a opportunity to serving others through your own career.
Technology: Would be enough to just say that the technology just keeps getting better.
Environmental Engineering: Post recovery, the economy is expected to focus on turning itself “greener”, with that bringing in a lot of opportunities for those who might want to consider working in “Green collar jobs”, with an estimated growth of 50% in demand for such jobs just by the year 2016.
Marketing, advertising, public relations, and branding : When all the businesses are back on the road of prosperity and recovery, they would like to grab a good market share giving importance to marketing, advertisement etc. presenting great opportunities in this sector. Also these are the folks to be laid of first in the organisations when the economic crisis hit us, this sector would bounce back up first too.
Manufacturing: acute shortage of manufacturing jobs across the globe is expected to occur once the economy recovers and the manufacturing sector begins to grow stronger. Getting some manufacturing related specialized skills might hold the key to some lucrative job offers.
Above listed are only some of the sectors that I came across in my research on opportunities during economic recovery, readers are advised to research more on their prospective sectors, along with the sector specific trends and opportunities that these might bring along with them. One last thing, no matter what sector, one thing remains the same, networking seems to be the magic key, so be prepared to network, network and network in the coming times to edge your way ahead of competition.
This post is not holistic across sectors and in listing all opportunities that might come your way once the economy is in full throttle post recession, yet what it intends to do is show some hope and light in the coming “tomorrow” and urge you to start looking into avenues and opportunities that might present themselves at your doorstep in near future. Only those who would have exerted to get themselves ready to capitalize on these would be able to make the best use of them. I hope that this post helped my readers in seeing the brighter side of what might be to come and that in a way it presses them forward into planning ahead with clarity and ambition for what could be a very exciting future.