After the financial downturn that wreaked havoc on the world’s markets 6 years ago, the global economy has grown cold, with unemployment hitting western populations hard and businesses struggling to get off the ground. Recently, however, there have been some signs of improvements, possibly signaling that the worst is behind us.
It seems that now is the best time, in a long time, to start your new business amongst the current boom that has begun to pick up momentum. With manufacturing and construction sectors showing growth, even existing and larger businesses have the chance to benefit from this: a guide to EPCM contracts could offer a solution to those looking to expand during this recovery period.
Faith is on the rise after the recent turmoil, bolstered by an increase in manufacturing in countries such as India, Japan and Great Britain. Larger businesses are driving growth upwards and with that presenting smaller businesses with a more stable and fertile environment to flourish. Even that increased faith is enough to get things moving again, especially with consumers, who are slowly but surely increasing their spending. Injections of money from governments, such as a UK drive that poured £1 billion into the automotive industry, are starting to prove that they’re not merely patches on a sinking ship but a worthwhile strategy to oil the gears of manufacturing. The risks that were taken in past years are starting to pay off and we’re all reaping the benefits from it.
One major factor in this business boom is the increase in consumer confidence. To some it might sound unimportant compared to other factors like GDP growth, but it has a real effect on the market: if investors feel more confident then more money will be poured into businesses and confident consumers will buy from them. While it’s been harder to measure than other factors it’s one that’s regularly quoted by the media, often showing in the past how trust in the banks have dropped and lending took a huge hit. Currently we are seeing a slow creep in confidence, which are helping to put recovery back on track and to stoke the flames of business. If they can continue to grow while keeping the minds of customers and investors at ease then this boom may last longer than what some pessimistic analysts are expecting.
This is a fragile recovery, make no mistake – progress is slow, with forecasters reigning in their predictions frequently. It is progress though, and an opportunity to keep driving the economic momentum forward shouldn’t be missed, as the benefits to the economy at large are too great. Careful expansion is advised (as loans are still hard to come by) but the opportunity is still there for those sturdy enough to stay afloat. Whilst the time of worldwide crisis may be behind us, we’re still in a bruised economy that’s giving business a window in which to really drive it upwards.
This article was written by freelance writer and mother of three, Kathryn Thompson. Follow her on Twitter: @katht35