It’s that time of the year for past-year wrap-ups and new year predictions. 2023 will be a unique economic landscape—we know that for a fact. No further ado, here’s what I think will dominate conversation for the next 12 months.
Localized vs global supply chains
It has happened gradually over the past decade: tariffs have increased, cross-Atlantic trade has become more difficult, and major economies have understood the perks of focusing more on domestic markets. Where globalization ruled worldwide discourse, now it’s deglobalization and an urgent shift to self-contained supply chains.
The topic will not die down this year. There is plenty more to discuss—digitization, automation, and an acute lack of diversity in supply chain and procurement consulting, as most of our clients report.
The Resurgence of Crypto
Try as you might, you haven’t been able to avoid the FTX story. Whether you’re versed or an expert by now, you at least know it’s sent deep rippled through already unstable crypto waters, bringing up more doubts about the market and its longevity.
But the market is smarter than that. People won’t abandon the principles of crypto just because of one (alleged) fraud/negligence case, however mainstream the SBF news has been. Now is not the time to abandon ship completely but double down instead, believing more fervently than ever in the foundations of cryptocurrencies and free trading.
Voluntary shake-ups in the Big 4
Despite delays, EY is pressing ahead with what is ‘essentially a demerger.’ Speculation on the split timeline is bound to be fruitless, but what we can be sure about is that it’ll set the tone for the rest of the consulting industry. In years to come, at least one other of the Big 4 will follow suit if EY is reasonably successful, but we won’t make bets on which one yet… just to be safe.
Next major economic market?
I’ve said it before, but the earlier we pay attention to economic and tech developments in India, the better. Its innovation is attracting foreign investment like never before, and the upward trend will carry in the next few years.
AI
Has this ever happened to you? You’re scrolling through LinkedIn, reading a post, and only at the end realize it was written by ChatGPT; this, of course, after a full year of debating whether or not the metaverse will become a permanent and inescapable part of working life. While some reactions to these developments can cross over into the dramatic (no, we won’t be living exclusively in the metaverse this year), we are beginning to integrate VR and AI into our working lives, and we’ll still be talking about what this means in the long term this time next year.