Investing and Global Finance News

Job Creation and the Future of Economic Growth

With the coronavirus pandemic seemingly firmly entrenched in our lives, at least in some way, we are learning how to live with this new reality.  Ups and downs are and will continue to occur for at least the next few months, so what does this mean for economic growth?  Given that some industries were forced to shut down at the peak of the pandemic and then re-assess thereafter, what direction is job creation now taking? Here some of the experts weigh in.

According to Belgian politician and businessman Alexander De Croo, we are looking at some pretty good numbers vis-à-vis business and consumer confidence.  The way forward for job creation is to deal with the supply-side constraints, at least in the short-term. This will cause an element of disruption and transition in the longer-term and there will be a greater need for more job training. “But if there’s one place we don’t want disruption, it’s on the social side.”  

Singaporean politician Heng Swee Keat said “To harness the potential of the digital economy, we need to harmonize standards and allow the trusted flow of data and facilitate cross-border transactions.”

Charles Nulsen, founder of Empower Montgomery and president of Washington Property Company explained his position given his own experience.  He said:

 “As a businessman with a front-row seat to the county’s policies and impacts, it is clear that there is no sense of urgency for creating new jobs whether in White Oak, White Flint, Silver Spring, Rockville, Gaithersburg, or anywhere else in the County. Outside of downtown Bethesda, no other area is growing, and many areas are backsliding. Political indifference to this trend jeopardizes our expansive social safety net and our community prosperity.”

President Joe Biden seemed to summarize this when he said: “Simply put, our economy is on the move and the covid-19 pandemic is on the run…More jobs. Better wages. It’s a good combination.”

More jobs are needed for sure, but they have to be smart jobs that make sense during this time.

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