After so many years of economic growth, a decline is expected, according to economist Brian Beaulieu, who spoke today at the annual Economic Outlook Breakfast organized by the Oshkosh Chamber of Commerce and held at the Oshkosh Convention Center.
“We are at the peak and everything is going great, but with the peak comes the decline,” says Beaulieu, CEO at ITR Economics. “The economy is like an ocean wave that is created. We are creating right now and 2018 was a great year, but we will start seeing the downslope of that.”
Most businesses had a phenomenal 2018, but if they expect the same in 2019, Beaulieu says businesses should look inward and find growth within their organization by strategizing and innovating.
While Beaulieu predicts a recession in 2022 will be larger than the one 10 years ago, he says Wisconsin will weather the storm.
“When bad stuff finally comes and hits the overall economy, Wisconsin remains the strongest and the place to be in,” he says. “This is the best state to be in when things get tough, which it will because we look within to continue to grow.”
Beaulieu says there’s time to prepare for the coming slowdown.
“We have time to fix this and prepare for tough times. One thing Americans do best is change and adapt,” he says. “Don’t worry so much about changing Washington or other areas; make sure your businesses and families are ready for the storm and are thriving, no matter what is happening to the other parts of the economy.”