A resurgence of optimism READ:
In a few days, 2022 will end and we will welcome a fresh, new year. Many experts have expressed pessimism on the capacity of the country to achieve growth in 2023. They cited the risks to growth in the coming year, including inflation, hikes in interest rates — both of which are expected to dampen spending — and an expected slowdown in growth in advanced economies. There are certainly reasons to be pessimistic.
But even if you do not look at the numbers, you can feel this resurgence of optimism in our people. I know it is not scientific but I have always placed credence on observing people in our businesses — the malls, the retail stores. They are a good indicator of the confidence of our people in our future.
I think this has something to do with some of the changes government made that affected how people viewed the pandemic. There was a time when we were constantly looking at the number of daily infections and panic if we see a rise in the numbers of positive testing. I am glad that government agencies have shifted to a weekly update of the numbers and refocusing efforts of health protocols.
But the psychological effect is that people have accepted the fact that this is the new normal. People are back with a vengeance — shopping, eating out, having coffee — signs of normalcy and good signs for the economy. The stronger-than-expected third quarter growth was primarily brought about by stronger-than-expected domestic demand as people got their jobs back or found new jobs and tourism has roared back to life.
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