Predicting the future is a risky endeavour but almost all our lives depend on forward expectations and hope.
2020 was a tough year for the world and it prompted me to write my prediction for 2021 (click to read) and follow it up again with predictions for 2022 (click to read). Over a thousand people have mentioned that these were really helpful.
These attempts have provided me an anchor point to self reflect these past two years and decipher the music from the noise. Below is an attempt again for 2023.
World reopened for business in 2022 after what appeared to be an eternity locked in Pandemic (SARs Covid19). It had to – because humans are resilient and economic pressures demanded such – for every country and every community.
My selective list for 2023 is:
- Nett new start-ups will continue to increase, aided by tech lay-offs of 2022. FinTech companies solving financial savings problem will likely emerge to be Unicorns.
- Lower risk appetite by VCs will likely lead this to be a sad year for crazy innovative ideas with fewer investments in unconventional startups.
- Side-Car hustle will become the norm for most people with tangible skills. Flexible working, part time working – will become the norm.
- Government funding and support for SME businesses will increase in most stable and growth economies
- Enterprise businesses will double down investments to become ever more efficient and leaner.
- Thanks to Digital Nomads – BackPack and cheaper travel industry will see unprecedented growth globally.
- Correction in stock markets is past due. The forward potential based valuations will decline, and tangible businesses will gain. Hyped businesses will return back to 2020 levels, if not lower. Major indices will close lower at year end, compared to January 1st.
- Bottom of the pyramid, poverty will rise at the fastest level.
- Recycle, Upcycle, FreeCycle & Repair businesses / groups / charity will mushroom around the world.
- Crypto market is unlikely to recover to its 2021 level.
- Web3 will have a mixed year with very few grand success and mostly failed initiatives.
- Digital products and services will continue to see strong YoY growth.
- One of the greatest recessions will create unrest in major global cities. Expect one of the highest mortgage and credit card defaults ever.
- Not able to navigate the new harsh economic realities, a few major companies and brands will collapse and disappear into oblivion.
What do you think? Grateful for comments as always.
Wishing Health & Happiness for all!
#HappyNewYear #Predictions