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2023 Forecast: What We’ll See in ’23

1.6.23 | Long Island Business News

In Long Island Business News’ first cover story of the year, Berdon Partner John Fitzgerald offered his perspective on the 2023 outlook for Long Island businesses. He noted:

“In 2023, business owners need to be prepared for economic uncertainty. Rising inflation has led to increased costs and the highest interest rates we have seen in years. Unemployment in our region remains very low, but wage increases are no longer keeping up with the rate of inflation. Due to these circumstances, there will most likely be a reduction in consumer spending with a decrease in corporate profits. A decrease in corporate profits will be met with decreased spending and potential layoffs, which we are starting to see across the tech space. The economy may be on the verge of a recession. Business owners should be prepared to be flexible in 2023. Owners should review forecasts periodically against actual performance and be prepared to make difficult decisions to control costs to get this through a potentially difficult economic cycle.”

To read the full story, click here.