2014 Economic Forecast: Global competitors are ‘Starving for your job’
Over 850 of Orange County’s business and community leaders attended the sold out 2014 Economic Forecast Conference October 23 at Hotel Irvine, hosted by OCBC and the Mihaylo College of Business and Economics at Cal State Fullerton, and presented by U.S. Bank. The featured speakers included Anil Puri, Ph.D., Dean of Mihaylo College of Business and Economics, CSUF; Mira Farka, Ph.D., Center for Economic Analysis and Forecasting, CSUF; and Emile Haddad, President and CEO, FivePoint Communities as the keynote. Haddad offered insight into the changing global economy, stressing that the U.S. must focus on investing in education and innovative ideas in order to maintain its status as an international economic leader. “My parents used to say, ‘Eat your food, children in Asia and India are starving,'” Haddad said. “Now I tell my children ‘Do your homework because people in India and China are starving for your job.'”
Farka and Puri expanded on this point, highlighting that the majority of businesses are out of cost-cutting options in order to increase profits. Instead, the time has come for businesses to invest in new ideas and innovative products and services in order to see an uptick in the bottom line. In their forecast, Farka and Puri also suggested that while the march to economic recovery has been slow, there is progress being made. In addition to suggestion on business investment, they also indicated that policy fixes will aid economic growth in 2015. Farka discusses that it is time for the Fed to take a step back in their response to the economic crisis as they have already done far too much, and “De-spike the punch bowl,” she said. Additionally, legislators need to enact structural forms such as reducing regulations, reworking the byzantine tax code and updating social programs. CLICK HERE for the 2015 Economic Forecast Report and HERE to view an infographic overview. CLICK HERE for photos of the event. For more information, contact Delaine Moore, Communications Manager.