What Business Leaders Should Know Going Into 2024

If you have been following ITR Economics, you likely know of our recession forecast for 2024. We are expecting the US economy to be in a recession for most, if not all, of 2024.  

However, while we expect the economy to slip into a recession, that does not necessarily mean your business, markets, or industry will be in a recession at the same time – even if you have been feeling the pressures from the economic decline. 

Different industries go through the four phases of the business cycle at different times, just as the different railcars on a train go through a bend in the track at different times. With popular subscriptions such as the Trends Report™, ITR Economics provides a dynamic look at the economy that highlights where key industries are in the business cycle. 

Executives need to keep in mind how the economic downturn will impact their inventory, cash flow, future plans, and so much more. With these numerous challenges, you will need the right data to help you develop your strategic plans for the year.

The 2024 Recession Will Be Mild

The word “recession” is enough to strike fear into business leaders, whether it evokes memories of the Great Recession of 2008 or the more recent COVID-19 recession in 2020.  

During any period of economic decline, media headlines, if taken at their word, can be detrimental to a business. News outlets often provide readers and listeners with biased and inaccurate data, which can heighten emotions such as anxiety, fear, and negativity. A business should not be led on emotion, but rather on information that can be trusted. 

ITR Economics’ expert economists are business focused. Our team provides reliable, unbiased, apolitical, and accurate insights to executives. It is important to note that we expect that the 2024 recession will be mild. Do your best to avoid getting caught up in the negativity that may threaten to surround you and your team during this economic downturn. 

Economic Recovery in 2025

ITR Economics specializes in looking ahead to the future. While you focus your efforts on navigating the 2024 recession, do not lose sight of the light at the end of the tunnel. ITR Economics expects this recession to end in late 2024, with economic growth following in 2025. 

Declining business activity during Phase D, Recession, may provide the perfect opportunity to prepare your company for the subsequent Phase A, Recovery, and even Phase B, Accelerating Growth. 

ITR Economics has Management Objectives™ for each of the four phases of the business cycle. These are key pieces of actionable advice you can apply to your business. They are specific to the business cycle phase you are in. By making the right business decisions now, you will be fully prepared to capitalize on the economic opportunities that subsequently arise. You will not be left behind, having to play catch-up like your competitors. 

Leading a business through a recession is no easy task, but with the right people and insights in your corner, your company can remain successful. ITR Economics is not just a data provider. We work diligently with your team to make sure you succeed with the understanding, implementation, and execution of our insights.  

The Great Game of Business has also been helping change the way companies do business for more than four decades. With a team full of experts providing industry-leading consulting, resources, and coaching, The Great Game of Business is here to help guide your business through any challenges, no matter the size of your company.